Profit Rises At Insomnia Coffee Parent Company
Accounts filed by Insomnia coffee shop chain parent company BHJ Holdings Ltd have revealed the firm's pre-tax profit increased to €3.69 million last year.
Meanwhile, the company's revenues rose 7.5% to €30.9 million; the number of people it employs increased from 405 to 441, with staff costs coming to €10.1 million; its operating profit amounted to €5.27 million, with the €3.69 million pre-tax profit coming after combined non-cash depreciation and amortisation costs of €1.25 million and interest charges of €324,835; its post-tax profit came to €3.18 million following a corporation tax payment of €515,627; its shareholder funds totalled €1.64 million; and its cash pile declined from €2.8 million to €1.8 million.
A breakdown of the company's income for last year indicates that its Irish revenues rose from €26.7 million to €28.5 million while its UK revenues rose from €2 million to €2.38 million.
"Driven By New Store Openings" And "Product Launches"
The Irish Times quotes the company as saying, "Revenue in 2018 was driven by new store openings in both the UK and Ireland as well as new product launches including the new Voyager medium roast coffee. By the end of 2019, we will have 182 stores and 420 sites with self-service machines. In 2020, we will open our 200th store and our first store outside of Europe. We currently employ 560 staff directly and a further 320 within our franchise community."
© 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.