Kylemore profits decline as revenues rise 10%

Catering services company Kylemore Services Group (KSG), which employs close to 1,000 employees in Ireland, saw profits fall in the year to the end of March despite a 10 per cent rise in turnover.

According to newly-filed accounts, the company reported a pretax profit of €924,100 for the 12 months, down 20 per cent on the €1.16 million recorded a year earlier on revenues that rose to €54.1 million from €49.3 million. Operating profit fell 17 per cent to €1.03 million compared with €1.2 million the previous year.

KSG was founded in 1920 by the Hogan family as a dairy in Birr, Co Offaly. It serves an estimated 12 million meals annually in more than 110 restaurant locations nationwide. Its retail brands include Café Kylemore, Quiznos, Coffee Cuisine, and Pure Juice Bars.

The company, which has net assets of €9 million, is still part-owned by the Hogan family. It recently sought to buyout DCC’s 50 per cent stake in the group with a €6.5 million offer that was declined.

Employee numbers rose from 905 to 995 over the year. Employee costs, including wages and salaries, rose from €18.6 million to €21 million over the year under review.

The company was owed €6 million by debtors at the end of March 2015, unchanged from the previous year.