Gate Gourmet airport food firm posts €1.24m profit

Pre-tax profits at the Irish arm of Gate Gourmet last year soared by 68% to €1.243m.

The firm recorded the sharp rise in profits after revenues increased by 34% from €12.84m to €17.2m.

Its operations principally involve food manufacture and in-flight catering facilities at Dublin Airport.

And a large increase in numbers going through the airport helped boost business. Numbers employed by the firm last year fell from 125 to 110, with staff costs going up from €4.69m to €5.67m.

A breakdown of staff numbers show there are 85 people involved in production, 19 in administration and six people work in management.

“We are constantly seeking new opportunities and the directors hope to further expand the business in the foreseeable future and anticipate profitability in the coming year,” the directors’ report says.

The firm paid dividends of €598,000 which follows a dividend payout of €9m in 2014.

The figures show that operating profits increased by 79% from €688,549 to €1.14m, while net interest receivable totalled €99,528. Shareholder funds increased from €5.197m to €5.67m, but its cash fell from €1m to €288,621.

Directors’ pay last year decreased from €116,715 to €77,533. An additional €49,630 was paid out in compensation for loss of office.

The figures show the firm’s cost of sales rose last year from €8.7m to €11.8m, with net operating expenses falling from €3.53m to €3.46m. The firm paid a corporation tax bill of €170,000.