Wrights of Howth returns to profit after Covid setback

Wrights of Howth returned to profit last year after revenues surged by 52 per cent to €8.1 million.

New accounts filed by Wrights of Howth Group Holdings Ltd show that the group recorded pretax profits of €49,938 in the 12 months to January 31st this year, recovering from pretax losses of €1.48 million in the previous year. Revenues jumped by €2.79 million to €8.1 million.

The group operates food courts and a convenience store at Dublin Airport along with a pub, restaurant and fish wholesale operation.

The directors state they are satisfied with the results for the year. They say revenues continue to be lower than pre-Covid levels due to restrictions imposed during the pandemic but that revenue was up on 2020/2021 as restrictions were eased last year.

Student accommodation: A market plagued by bed shortages, rising rents and 51-week leases

---

An attempt to buy the next election with a giveaway budget would be a gross miscalculation

---

The outlook for interest rate cuts is changing - so should Irish borrowers be worried?

---

IDA gives Intel €30m in aid package

---

Since year end, “the group has turned to a more normalised level of trading in a post-Covid-19 environment”, directors said.

The group’s DAA contracts were up for renewal post year-end, directors said, adding that they are retendering for these contracts “and are confident that the contracts will be successfully renewed”.

State grants

The group’s modest pretax profit last year came after Government grants of €1.89 million are taken into account. This follows €550,299 received in Government grants in 2020.

The profit also takes into account non-cash depreciation and amortisation costs of €980,380.

The group recorded operating profits of €186,073 before interest charges of €136,135. After tax, the group recorded a loss of €1,060.

Numbers employed in the businesses increased from 88 to 106 last year and staff costs increased to €2.62 million from €1.58 million. Directors’ pay jumped 82 per cent to €207,846.

The amount owed by the business to director Bernadette Wright increased from €343,082 to €575,775.

At the end of last year, the group had shareholder funds of €2.2 million and cash funds surged to €1.49 million.

Entities within the group were in court earlier this month in a row involving members of the Wright family over the use of a storage facility at Howth Pier, claiming they have been wrongfully locked out of a storage unit by two members of the Wright family who are not part of the business. They secured an interim ex-parte injunction securing their access to the store pending a full hearing.