Butlers serves up €2.6m in profit

Pre-tax profits at the country’s best-known coffee and chocolate firm, Butlers Chocolates increased 16% to €2.6m.

Butlers Chocolates has not filed accounts to the Companies Office in 10 years due to its unlimited status but in a break from practice, the new accounts show sales increased 7.5% to €35.5m last year.

The eight directors of the Sorensen family-owned company are also well rewarded for the company’s continuing success, with their total pay reaching €2.6m, or €325,000 on average.

Staff numbers increased from 397 to 420, which meant staff costs increased from €11.8m to €12.3m.

Some 143 people are employed at the company’s 80,000 sq ft facility at Dublin’s Clonshaugh. Sales in Republic grew 9% to €26m in the year, while other European sales increased 15% to €4.8m. Elsewhere, sales fell from €4.8m to €4.5m. The company was established in 1932 and was bought by Seamus Sorensen from Cork in 1959.

At the end of last December, the firm’s shareholder funds stood at €29m including €27.2m in accumulated profits.

Costs of sales ran out at €12.75m, which meant it posted a gross profit of €22.8m. It had distribution costs of €10.1m and administrative expenses of €9.9m.

Its lease costs increased slightly to €1.9m across its numerous outlets in Dublin and in Cork, Galway and Limerick. It also has franchises and outlets in New Zealand, Pakistan, Bangladesh, and Dubai.

Last year, the group incurred €96,843 in R&D costs, down from €264,720 in the previous year.