Accounts lodged by the Louis Fitzgerald pub and hotel group’s holding company, Burtse Ltd, have revealed that the group’s pre-tax profits decreased by 58% to €5.84 million during the 12 month period that ended on June 30, 2020, due to the impact of the COVID-19 pandemic.
As reported by The Irish Times, the accounts reveal that revenues decreased by 26% to €53 million during the 12 month period.
Additionally, the group reportedly experienced operating profits of €7.17 million during the 12 month period; pay to the group’s directors, husband and wife Louis and Helen Fitzgerald, decreased to €408,345; the number of people employed by the group decreased from 892 to 825; staff costs including directors’ pay decreased from €18.2 million to €14.7 million; the business had €47.76 million in shareholder funds including €14.1 million in accumulated profits; Burtse’s cash funds decreased from €29.94 million to €5.6 million and total bank loans at the end of June of 2020 had decreased from €49.7 million to €43.5 million; and Burtse recorded a post-tax profit of €4.86 million after paying out €984,922 in corporation tax.
The €5.84 million pre-tax profits figure takes account of non-cash depreciation costs of €3.4 million, and the group paid out interest payments of €1.33 million to give the pre-tax profits of €5.84 million.
COVID-19 Pandemic Impact
According to The Irish Times, the accounts state that the current situation is dynamic “and there are continuous uncertainties surrounding the duration of the [COVID-19] pandemic”.
The accounts also reportedly noted that the group “is in a strong financial position to withstand potential future challenges in this context”, and said that the company is continuing to avail of various government support schemes that have been put in place to support hospitality businesses during the pandemic.
Louis Fitzgerald Group Portfolio
The Louis Fitzgerald Group’s pub and hotel portfolio includes The Stag’s Head, Kehoes and Bruxelles of Dublin city, and the Louis Fitzgerald Hotel of Dublin 22.
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