The managing director of Fitzers Catering is forecasting that the firm will record an 85% increase in profits this year to around €650,000.
Barry Storey confirmed that the Dublin-based firm, which employs 1,215, will enjoy the profit jump as revenues are projected to increase by 16% to €17.5m in 2016.
Mr Storey said that the business is projecting profits of €650,000 in 2016; almost twice the approximate €350,000 recorded in 2015.
The firm has bounced back from losing its lucrative Croke Park catering contract in 2014. That loss contributed to the business recording 2014 pre-tax losses of €633,537.
The Croke Park catering contract was worth around €7m per annum to the firm. Mr Storey said that the business continues to grow year on year and will replace the revenues from that multi-million euro contract by the end of 2016.
“Although, we were disappointed with the non-renewal, it was not totally unexpected as the tender competition was extremely stiff with multinational caterers such as Compass Catering and contract winners, Aramark, bidding large tender offers that could not be matched by our company.
“In addition, the company was successful in being appointed the catering partner for three racecourses with Horse Racing Ireland to include, Leopardstown, Fairyhouse and Navan and this required considerable start-up costs in 2014,” he said.
The firm provides on-site catering for numerous TV and movie productions and last year provided catering for Pierce Brosnan’s new thriller, I.T. that was shot in Dublin last summer and RTÉ’s crime drama, Clean Break.
Mr Storey said that Fitzers Catering’s client base includes Titanic Belfast and The Convention Centre Dublin, as well as all artist and crew catering for Longitude and Electric Picnic concerts in 2015. He said that other customers serviced in 2015 include Facebook, Google, Microsoft and many others.
The staff costs for the 1,215 staff in 2014 reduced sharply from €4.9m to €3.19m due to the drop in business at the company.
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