The Porterhouse Group Records 51% Decrease In Operating Profits
New accounts for Irish pub group The Porterhouse Group have revealed that the group's operating profits decreased by 51% to €1.36 million during the year that ended on February 28, 2018.
Additionally, the group recorded pre-tax profits of €855,858 after incurring net interest costs of €511,895, and revenues for holding company A Pint of Plain Ltd rose by 7% to €35.16 million during the 12 month period.
The Irish Times quotes the group's business development director, Elliott Hughes, as saying, "We had been trading well in 2018, 2019 and up until the start of the pandemic this year. Prior to that, we had hoped to see increased profit year on year versus 2019."
Hughes also said that the group's business "has been very negatively impacted, like all in the sector, by COVID-19", and that the Porterhouse venues on Dublin's Nassau Street and in Temple Bar have experienced minimal recovery since they reopened as food-serving venues following COVID-19-related closures and "are now performing well", but are "still struggling by virtue of being closed for three months".
Hughes added that the group's venue in London has also been adversely impacted by the continuing COVID-19 crisis.
Lost Lane in Dublin is the group's only venue that has yet to reopen following COVID-19-related closures, but Hughes noted that it was "performing well" prior to its closure.
© 2020 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.