The parent company of Dublin's Temple Bar pub, Temple Inns, has recorded a profit of more than €5.2 million for the year that ended on October 31, 2019.
As reported by The Irish Independent, Temple Inns' 2019 financial year profit was a more than €1 million year-on-year increase on the company's profit figure for the previous year, when it made a profit of almost €4.2 million.
The accounts in which the company's 2019 financial year profit was recorded also reveal that Temple Inns' turnover increased to over €23.1 million in its 2019 financial year from approximately €21.6 million the previous year, and at the end of its 2019 financial year, Temple Inns had assets of almost €49 million, which was an increase of approximately €9.6 million, as well as liabilities of €24.7 million, which was an increase of close to €4.5 million.
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The company's directors' report states that the directors considered the impact of the continuing COVID-19 pandemic to be a "significant uncertainty at the time of approving the financial statements".
The directors' report also notes that the company has laid off some staff members due to COVID-19-related business restrictions, and that it reduced working hours for some employees with a view to minimise "the costs borne by the company during the period of closure" due to the pandemic.
Additionally, Temple Inns said that it will use government supports to help reduce costs.
However, the directors stated that, despite the pandemic's impact, they are "confident that the group will recommence trading once the period of restriction is lifted".
© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.