Publican’s profits double to €1.18m

Pre-tax profits at the flagship pub and restaurant business operated by Declan O’Regan last year almost doubled to €1.18m.

Accounts for 2013 filed by Mr O’Regan’s Telfer Ltd, which operates Hogans pub and L’Gueuleton restaurant on Dublin’s South Great George’s St, show the firm increased its pre-tax profits by 83% last year, from €642,113 to €1.18m.

Mr O’Regan is a brother of the late entrepreneur and publican Hugh O’Regan.

The figures show that Telfer’s gross profits also increased, rising 12% from €4.65m to €5.2m in the 12 months to May 31, 2013.

The directors say they are satisfied with the year’s results.

They say in their report accompanying the financial results that they “are confident that turnover can be increased during the coming year and anticipate that profitability can be maintained”.

Telfer also operates Kellys Hotel on South Great George’s St.

Mr O’Regan has recently expanded his business interests in the area by opening another bar and restaurant at the nearby Drury Buildings.

The numbers employed by Telfer last year increased from 83 to 90, with staff costs marginally rising, from €2.11m to €2.19m.

The figures show that staff numbers were broken down into 80 in sales and 10 in management.

The figures show that Mr O’Regan and the only other director, Maeve O’Meara, shared remuneration of €185,420 last year.

The firm’s profits take account of non-cash depreciation costs of €417,799.

The accounts show that at the end of May 2013, Telfer had shareholder funds totalling €10.24m, which included €3.98m in accumulated profits.

The firm’s cash during the year more than doubled, rising from €636,713 to €1.4m, while it also recorded an operating profit of €1.3m. However, an exceptional cost of €88,409 concerning a provision against inter-company balances reduced profits.

A note concerning the exceptional costs states that “the directors are of the opinion it is prudent to provide against balances as they do not believe the full amount is recoverable”.

The €88,409 provision follows a similar one of €86,004 in 2012.

The accounts show that net interest payable of €39,215 further reduced Telfer’s profits. It paid tax of €189,336 in 2013.

The company has bank loans totalling €3.94m. A note attached to the accounts states that AIB held letters of guarantee to the value of €267,000 from Mr O’Regan while Danske Bank also held a letter of guarantee from him for nearly €5.4m supported by mortgages on properties on South Great Georges St.