New figures show the chef’s gourmet food group recorded pre-tax profits of £802,339 (€991,287) in the 12 months to the end of December last.
The star of RTÉ’s Corrigan Knows Food saw the size of his group’s business continue to increase last year with revenues increasing by 2.7% from £8.89m to £9.13m.
In spite of the increase in revenues, the firm recorded a 9% drop in pre-tax profits from £883,186 to £802,339 due to higher administrative costs.
According to accounts just lodged with the UK-based Companies House, Richard Corrigan Restaurants Holdings Ltd “has had a satisfactory year”.
Mr Corrigan’s Bentleys Oyster Bar and& Grill in London’s Piccadilly serves more oysters than any other UK restaurant.
The Co Meath man — who has a Michelin star to his name — also operates Corrigan’s Mayfair, and the group’s restaurants also include Bentley’s Sea Grill at Harrods.
The group also provides restaurant consultancy and cookery classes. Numbers employed by Mr Corrigan’s group last year increased from 131 to 133.
The business has been boosted by Mr Corrigan’s growing profile in the UK that has involved cooking for Queen Elizabeth and appearances on food shows.
Staff costs last year increased from £3.2m to £3.3m. Mr Corrigan is a director and aggregate remuneration to the firm’s two directors last year increased from £284,167 to £301,000. The remuneration for the highest paid, and unnamed director, was £281,000. The group’s gross margin remained at 42% with cost of sales last year totalling £5.2m.
Administrative expenses last year increased by 2% from £2.8m to £3m. Operating profit decreased by 10% from £914,400 to £825,405.
Interest payments totalling £23,096 reduced the group’s profits to £802,339.
The profits take account of non-cash depreciation costs of £319,285. The profit last year contributed to accumulated profits of £1m at year end. The group’s cash increased from £346,443 to £647,321.
On the risks facing the group, the directors’ report states “this risk is managed through strong branding, raising awareness to the public through television and other media exposure, and building a strong reputation for quality British cuisine”.
Mr Corrigan was unavailable for comment yesterday.