New accounts filed by Compass Catering Services Ireland Ltd show the company recorded the increase in pre-tax profits after revenues rose by 4pc from €125.47m to €130.39m in the 12 months to the end of last September. The pre-tax profits of €6.16m follow pre-tax profits of €2.3m in 2023.
During 2023, Compass Catering Services Ireland Limited acquired Glanmore Foods Limited, a Dublin-based food manufacturing company.
Glanmore made an early return on the Compass Catering investment last year when it paid dividends of €4m to Compass Catering Services Ltd.
In the year under review, Glanmore’s revenues totalled €36.4m as its pre-tax profits increased by 44pc to €5.65m.
The Glanmore investment followed Compass purchasing Fitzers Catering in 2022.
Numbers employed by Compass Catering group – which provides catering services at Dublin’s Aviva Stadium – last year increased by 213 from 1,531 to 1,744 and staff costs increased from €52.9m to €57.42m.
Directors’ pay last year increased from €340,000 to €369,000 and the highest-paid director received €212,000, compared with €205,000 in the previous year.
The group’s operating profits last year totalled €3m and its pre-tax profits of €6.16m was due to the €4m dividend received, offset by interest payments of €843,000.
The group recorded an after-tax profit of €5.83m after incurring a corporation tax charge of €326,000.
Shareholder funds at the end of last September totalled €40.7m that included cash funds declining from €40.6m to €39.8m.
On the company’s future developments, the directors state: “We have a strong, balanced, and sustainable growth model across the group. Our size, strength and scale enable us to continue investing in our operating model, further enhancing our competitive advantages.
“Our strong cash generation across the group continues to fuel investment in our business through capex and attractive M&A. The business is in great shape operationally and financially and well positioned for a more focused growth phase.”
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