The Costa Coffee logo (Artur Widak/NurPhoto via Getty Images)
The operator of Costa Coffee here, MBCC Foods Ireland, last year received €1.39m in government supports and during the same year paid out dividends of €7.44m.
That is according to accounts filed by MBCC Foods (Ireland) Ltd which show that the company’s government supports were made up of the Power Up grant and the Increased Cost of Business (ICOB) scheme for eligible companies.
The €7.44m dividend paid out in the 12 months to the end of January 2025 by MBCC Foods (Ireland) was marginally down on the dividend of €7.5m paid out in the prior year.
The Power Up grant was put in place to assist businesses in hospitality, retail and beauty sectors while the Increased Cost of Business (ICOB) grant was put in place as a contribution towards the rising costs faced by businesses.
The ICOB grant amount depended on the value of the commercial rates bill received by an eligible business.
The €1.39m in government supports was part of ‘other operating income’ of €1.6m received by MBCC Foods Ireland which helped to increase pre-tax profits of €11.26m last year.
The group’s pre-tax profits of €11.26m was down on the €12.04m pre-tax profits recorded in fiscal year 2024.
Revenues at the company increased by 1pc from €113.64m to €115.2m in the 12 months to the end of January 2025.
The company recorded post-tax profits of €9.54m after incurring a corporation tax charge of €1.7m.
At the end of January 2025, MBCC Foods Ireland had accumulated profits of €71.1m while its cash funds reduced from €9.5m to €7.1m.
During the year the firm generated €78.5m of revenues here and €36.7m in ‘rest of Europe’.
The profit last year takes account of non-cash depreciation costs of €5.93m, operating lease rentals of €7.38m and foreign exchange gains of €1.97m.
Numbers employed by the company last year reduced from 2,001 to 1,932 as staff costs increased from €32.56m to €34.95m. Directors’ pay increased from €173,278 to €270,069.
The parent firm of MBCC Foods Ireland Ltd is the Edinburgh-based Savitri Holdings Ltd, which is controlled by Raju Tuli and Sundeep Tuli. In the same financial period, the 12 months to the end of January 2025, consolidated accounts show that Savitri Holdings recorded €16.15m in pre-tax profits as revenues totalled €145.86m.
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