Fallon and Byrne back in black with €119,365 profit

Upmarket Dublin-based eatery and food retailer Fallon and Byrne returned to profit last year with turnover rising by over 19%.

Newly-filed accounts for Sarzala Ltd – the holding company for the business which covers a food hall, wine bar and restaurant close to Grafton Street – show a pre-tax profit of €119,365 for the 12 months to the end of last June.

This reversed a pre-tax loss of €166,432 for the previous year.

Revenue for the last year rose by 19.2% - or €2m – to €12.6m.

Earnings, on an EBITDA basis, more than doubled to €528,806.

The business is run by husband and wife team Paul Byrne and former Sunday Times Ireland editor, Fiona McHugh.

Numbers employed at the business increased, last year, from 151 to 195 with staff costs rising by 22% to €4.5m.

In the accounts the directors said they “are very optimistic as regards the future prospects for the company.

“The directors feel the group is now very well positioned to take advantage of further opportunities for growth and to leverage off the business’s strong brand recognition and reputation for quality”.

Management said that the growth in revenues was complemented by the successful opening of another smaller trading location in the year, independent of which there was an 8% increase in like-for-like business which well exceeded the general growth within the market.

Directors pay increased 158%, in the year, to €261,083.