Company That Controls Ireland's Costa Coffee Outlets Experienced Fall In Profits During Year That Ended On January 31, 2020
The company that controls Ireland's Costa Coffee outlets experienced a fall in profits during the 12 month period that ended on January 31, 2020, despite its revenue rising.
As reported by The Irish Independent, Tuli Holdings made profits of €9.5 million during the year to the end of January of 2020, which followed a €10.1 million profit during its previous financial year. The company's profits decreased during the 12 month period that ended on January 31, 2020, even though its revenue rose by 5% to €106.2 million during the period.
Tuli Holdings is owned by brothers Sundeep and Raju Tuli, who are based in Scotland.
The company controls all of Ireland's Costa Coffee outlets, as well as some KFC and Pizza Hut outlets.
A small amount of the company's revenue relates to UK activities.
The company's rise in revenue during its 2020 financial year occurred as it opened eight new outlets during the period.
Dividends And Number Of Employees
Tuli Holdings paid interim dividends of €443,000 in 2020, following interim dividends of €1.8 million the previous year, and it declared dividends of €448,000 in respect of the 2020 financial year, according to its accounts.
The company employed over 2,000 people at the end of its 2020 financial year.
COVID-19 Pandemic Impact
According to The Irish Independent, the company's accounts note that the COVID-19 pandemic started to noticeably impact its business during the first quarter of its 2021 financial year.
The first quarter of the company's 2021 financial year consisted of the months of February, March and April of 2020. Its 2021 financial year ended on January 31, 2021.
Additionally, The Irish Independent quotes the company's accounts as saying, "During [the first quarter of the 2021 financial year], the group complied with government regulations for mandatory shutdown of its store outlets.
"The group has put in necessary safeguards to minimise costs during this time and ensure the safety of its employees and customers."
The directors reportedly added in the accounts, "The related impact on the group's results of operations, cash flows and financial condition will be material, but cannot be reasonably estimated at this time."
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