Revenues Rose 10% At Supermac's In 2019
New accounts have revealed that revenues at Supermac's rose by 10% to €189.4 million in 2019.
As reported by rte.ie, the accounts also revealed that pre-tax profits at Supermac's (Holdings) Ltd increased by 3% to €24.5 million in 2019, and the group had accumulated profits of €144 million at the end of December of 2019.
Additionally, the group's cash funds increased by €4.5 million to €24.5 million in 2019; the number of people employed by the group increased from 1,720 to 1,964 in 2019; the group's staff costs increased from €37.47 million to €43.3 million in 2019; its directors' remuneration amounted to €152,425 in 2019; its post-tax profits amounted to €20.8 million in 2019; the group paid out €17.9 million for property acquisitions in 2019; and €1.99 million was repaid to Supermac's owner Pat McDonagh in 2019, reducing the amount owed to McDonagh by the group at the end of 2019 to €6.9 million.
McDonagh and his wife, Una, stated in the directors' report that the group "has sufficient liquid resources to absorb any disruption to trade caused by COVID-19 for at least 12 months from the date of signing the financial statements".
The McDonaghs also stated that the COVID-19 pandemic has had a material negative affect on the group's interests in the hospitality sector in the US.
The above news follows statements made by McDonagh last month that 2020 sales are expected to be down by 30% to 40% across the Supermac's chain and that 2020 sales at McDonagh's Só Hotels brand will likely be down by over 80%.
© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.