New accounts filed by Happy Pear parent company Flynn & Flynn Global Trade Ltd have revealed that the firm's revenues rose 22% to €9.96 million last year.
Meanwhile, the firm's post-tax losses increased 16% to €672,970 as a result of expansion costs.
Additionally, the firm's five serving directors last year shared €336,994 in pay; its cash pile decreased from €254,510 to €181,236; and its shareholder funds amounted to €230,607 at the end of last year.
Finance Director Statements
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The Irish Times quotes Happy Pear finance director Paul Murphy as saying, "We would expect 2019 revenues to be broadly consistent with 2018. We have made strong improvements in profitability in 2019 and expect to be earnings positive for the year.
"The company embarked on a number of large scale projects in 2018, which continued in 2019, with lasting positive impact to the company's profitability, growth and environmental credentials."
Commenting on last year's pre-tax losses, Murphy said, "Our 2018 losses were principally driven through investment in growth of the business and losses occurring in our export business in the UK with Waitrose."
Murphy added, "Our current focus is in respect of improving our existing sites and to continue to grow through our partners HMSHost and Compass Group Ireland."
© 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.