Irish arm of Sodexo catering in 38% profits boost

By Gordon Deegan

Pre-tax profits at the Irish arm of international catering firm, Sodexo, increased 38% to €3.73m, as revenues jumped.

New accounts show that Sodexo Ireland Ltd increased revenues by 11%, to €94.7m, in the 12 months to the end of August.

Pre-tax profits at the Irish arm of catering firm, Sodexo, increased 38% to €3.73m, as revenues jumped. Pic: Dan Linehan

The firm’s cost-of-sales last year increased from €75.15m to €83.9m, while administrative expenses fell to €6.8m, from €7m.

The Companies Office records show that staff numbers rose from 1,710 to 1,866, with staff costs running out at €48.9m.

Total pay for directors, which includes pension payments of €52,000, fell from €290,000 to €269,000,

No dividends were paid last year. The firm serves more than 90,000 people daily, across 200 locations in the country.

At the end of August, the firm had shareholders’ funds of €5.4m. Its cash pile increased from €9.84m to €11.49m. 

The company recorded a 38% increase in operating profits, from €2.88m to €3.9m.

Interest payable, and other finance charges of €223,000, reduced the firm’s profits to €3.7m.

After paying out €519,000 in corporation tax, the firm recorded a post-tax profit of €3.2m.

The Irish firm is part of the stockmarket-listed French catering giant. 

Sodexo shares in Paris have fallen by over 30% in the past year, valuing the group at just over €12.4bn.

Last month, the group announced a shake-up to manage its extensive operations across 80 countries.


More in this Section

Huawei founder says US ‘cannot crush’ Chinese tech giant

Dublin gets lion's share as employment numbers rise to record 2.28m

Kerry Group warns of 'extreme' impact from no-deal Brexit

Germany and France push to create European industrial policy


Lifestyle

From Roman gladiator school to waltzing in Vienna: 5 amazing skills you can learn on holiday

Lady Gaga splits with fiancé Christian Carino: Here’s how to navigate a broken engagement

As Zoella reveals she’s suffering from imposter syndrome, here are 4 tips for dealing with it

Living with arthritis? 7 tips for managing morning stiffness

More From The Irish Examiner