Series of new contracts helps Kylemore back to profitability

Dublin-based catering services company Kylemore Services Group (KSG) has returned to profitability, generating pre-tax profits of €731,628 in its last financial year, after showing a €1.85 million loss in the previous 12 months.

Turnover for the group, in the 12 months up to the end of last March, was unchanged at €30.2m. Operating profit was €734,982; compared with an operating loss of just under €1.8m for the preceding year. The company, which changed its name from Kylemore Foods Holdings last August, expanded its workforce by 20 people during its last financial year, bringing its total employment numbers to 624. As of the end of last March, KSG had a net cash balance of just over €2.9m, up by almost €1m on the preceding year-end.

Shareholders’ funds rose by around €500,000 to €10.5m.

During the 12 months under review, Kylemore picked up a number of potentially lucrative new catering contracts with the likes of Microsoft Ireland, St Vincent’s Hospital, University College Dublin (UCD) and the Dublin offices of the European Commission.

According to group chief executive Brian Hogan more expansion is in the offing: “We’re pleased with the growth and expansion in our contract catering services division, and this is an area we’re seeking to develop further by providing cost-efficient, innovative solutions to clients across the corporate, private and public sectors.”

He said last year’s name and branding change was designed to reflect the expansion and development of the group’s provision of a range of catering services to private and public sector clients.

The Kylemore group, which is 50% owned by support services giant, DCC’s food and beverage arm has been trading since 1920 and operates in the contract catering, commercial restaurant and corporate/hospitality dining services areas of the wider food industry.