Fallon & Byrne profits show significant rise

LUXURY restaurant, food hall and wine cellar Fallon & Byrne saw profits increase significantly last year.

The directors also expect “continued growth” at the company in the foreseeable future, according to it latest accounts.

Pre-tax profits increased from €8,791 in 2009 to €79,937 last year. Turnover fell 4.6% last year to €9.5 million, according to the 2010 accounts for Fallon & Byrne Limited.

The results for the year were considered satisfactory by the directors and they are hopeful that “this level of performance will stabilise and improve in the foreseeable future”.

“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.

The directors do not recommend the payment of an ordinary dividend. Gross profit in the year was €5,033,147, compared with €5,303,692 in the previous year, according to the accounts.

Directors’ remuneration last year fell from €94,213 in 2009 to €19,745.

Last year Fallon & Byrne made a €733,719 settlement after an extensive audit by the Revenue Commissioners. The settlement arose from the under-declaration of VAT totalling €362,474 and the imposition of interest and penalties of €371,245.

Fallon & Byrne opened in 2006 in what was a Telecom Éireann exchange building on Wicklow Street, just off Grafton Street. It is the brainchild of former journalist Fiona McHugh and her developer partner, Paul Byrne.

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