Pre-Tax Profits Decline At Press Up's Orsen Firm
New accounts filed with the Companies Office by Orsen Ltd, which is part of the Press Up Entertainment, have revealed that pre-tax profits at this part of Press Up halved last year to €887,929.
Meanwhile, revenues rose 22.6% from €57.86 million to €70.95 million; employment numbers increased 63% from 839 to 1,365; staff costs increased from €18.73 million to €23.83 million; earnings before interest, depreciation, tax and amortisation (EBITDA) rose 54% to €11.99 million; operating profit came to €6.4 million before interest payments of €1.46 million and exceptional items amounting to €4.12 million; directors' pay remained static at €209,038; and Orsen paid out a €2.7 million dividend to shareholders, as reported by The Irish Times.
In notes with the Orsen accounts, directors stated that "all the businesses in the group traded well in 2018, with increased profitability across the board".
Orsen's portfolio includes Dublin venues The Dean, Union Café Mount Merrion and Angelina's.
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.