Fallon & Byrne sees pre-tax profits drop by 28%

LUXURY restaurant, food hall and wine cellar Fallon & Byrne saw pre-tax profits fall 28% when the economic downturn hit.

Pre-tax profits fell from €355,769 to €255,774 in 2008, according to accounts just filed.

Gross profits were up slightly from €5.6 million to €5.8m.

Fallon & Byrne opened in 2006 in what was then a Telecom Éireann exchange building on Wicklow Street, just off Grafton Street.

It was the brainchild of former journalist Fiona McHugh and her developer husband, Paul Byrne, plus restaurant owner Brian Fallon.

The company employed 140 people in the year, up one from the previous year, but staff costs increased from €3.3m to €3.7m.

The results for the year and the financial position at the year end were considered satisfactory by the directors who expect this trend to continue for the foreseeable future.

According to accounts just filed directors remuneration was up from €57,846 to €63,383.

Mr Byrne and Ms McHugh are listed as directors in the accounts for Fallon & Byrne Limited.

“In the normal course of business the company is exposed to interest rate risk, liquidity risk, credit risk and price risk. The directors perceive the main risks and uncertainties facing the company to be those that pertain to the general economic environment,” the accounts read.

Turnover has remained consistent and broadly in line with the previous year, for 2008 turnover was €11.2m, an increase of 1.3% on the previous year, the accounts said.

“The directors are hopeful that this level of performance will continue for the foreseeable future,” they said.

The directors do not recommend payment of an ordinary dividend.

The directors said they indent to continue to review and focus their operations accordingly in the future.

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