Sysco Foods Ireland Records Pre-Tax Loss For 12 Month Period That Ended On 3 July, 2021
Sysco Foods Ireland has recorded a pre-tax loss for the 12 month period that ended on 3 July, 2021.
According to The Irish Times, newly-filed accounts for Sysco Foods Ireland Unlimited have revealed that the company recorded an €8.8 million pre-tax loss for the 12 month period, which followed a €24.17 million loss in 2020 that largely attributable to a €15.54 million non-cash impairment charge, and that during the period its revenue decreased by 24%, or €78 million, to €248.39 million from €326.4 million; it received COVID-19 employee wage subsidy scheme payments of €16.22 million; the number of people employed by the company decreased from 1,281 to 1,241; staff costs decreased by 29% to €28.27 million; redundancy costs increased to €4.6 million from €1.1 million; it had shareholder funds of €85.9 million at the end of June of 2021, which included accumulated profits of €41.12 million; and its cash funds decreased to €7 million from €12.54 million.
Additionally, the directors stated that gross margin stayed at 23%, according to The Irish Times, which also reported that the pre-tax loss takes account of €3.67 million in non-cash depreciation costs as well as €1.6 million in non-cash amortisation costs, and that it also includes €1.98 million in operating lease costs and a loss on sale of financial assets of €563,639.
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