Pre-tax profits at the company behind the Insomnia coffee shop business increased to €3.69 million last year.
Accounts filed by BHJ Holdings Ltd show that revenues increased by 7.5 per cent from €28.78 million to €30.9 million.
The group’s profits sustained a hit in the previous year associated with the cost of businessman and broadcaster Bobby Kerr exiting the company.
Numbers employed rose from 405 to 441 as staff costs totalled €10.1 million.
“Revenue in 2018 was driven by new store openings in both the UK and Ireland as well as new product launches including the new Voyager medium roast coffee, ” the company said. “By the end of 2019 we will have 182 stores and 420 sites with self-service machines. In 2020 we will open our 200th store and our first store outside of Europe. We currently employ 560 staff directly and a further 320 within our franchise community.”
According to report, the group will look to further grow the business in Ireland as well as abroad.
A breakdown of the group’s income last year show that Irish revenues increased from €26.7 million to €28.5 million while UK revenues increased from €2 million to €2.38 million.
The group recorded operating profits of €5.27 million and enjoyed the pre-tax profit of €3.69 million after combined non-cash depreciation and amortisation costs of €1.25 million and interest charges of €324,835 are taken into account.
The business recorded a post tax profit of €3.18 million after paying corporation tax of €515,627.
Shareholder funds totalled €1.64 million while the business’s cash pile decreased from €2.8 million to €1.8 million.
