Michael JF Wright pictured at Wrights Cafe Bar in Swords, Dublin. Photo: Caroline Quinn
Pre-tax profits at The Wright Group last year increased almost three-fold to €10.67m as revenues surged at the expanding food and beverage organisation.
The group, led by CEO Michael JF Wright, operates outlets in Dublin Airport, Co Dublin and in select regions across Ireland. New consolidated accounts for Treasure Trail Holdings Ltd show that the surge in profits coincided with the group revenues rising by 38pc from €35.6m to €49.04m in the 12 months to the end of September last.
The pre-tax profits of €10.67m compare to pre-tax profits of €3.96m in 2022 – a jump of 169pc.
The directors state that the 38pc growth in revenues “was driven by strong sales across our existing units and the successful opening of new units in new markets and regions in Ireland”.
The directors state that they “are delighted to announce that the group again delivered exceptional financial performance in the current financial year.”
The group’s operating profit increased by 75pc to €9.32m and a net exceptional cost of €1.2m concerning the write-off of intercompany balances and disposal of Wrights Cafe Bar Airside Ltd reduced profits.
Operating profits were further reduced by €853,964 in interest payments offset by a €3.42m non-cash gain on the value of investments.
Some of the group’s businesses include Marqette foodhall at Dublin airport, the UCD foodhall, Hogs and Heifers in Swords and the Anglers Rest at Strawberry Beds, Dublin.
The directors state that the group’s earnings before interest tax depreciation and amortisation (EBITDA) last year increased by 54pc.
The directors state that this reflects the profit on the sale in Airside, improved operational efficiencies and cost management initiatives.
The accounts show that the group recorded a profit of €4.96m on the disposal of tangible assets in 2023.
The boost in revenues at the Swords headquartered business coincided with passenger numbers at Dublin airport increasing in 2023 to 31.9m.
Numbers employed almost doubled from 248 to 490 and staff costs increased by 50pc from €8.64m to €12.99m. Aggregate directors’ pay declined by 20pc from €756,044 to €604,354.
The pre-tax loss also takes account of combined non-cash depreciation and amortisation costs of €2.22m. The group recorded a post-tax profit of €8.59m after incurring a corporation tax charge of €2.07m.