Coffee chain Insomnia brews up profit of €2.5m. The firm behind Insomnia coffee chain brewed up more than a threefold increase in pre-tax profits to €2.49m during 2023, the company’s latest financial accounts show.
Accounts filed by BHJ Holdings Ltd show the group recorded a sharp increase in profits, as revenues increased by 7%, from €37.32m to €39.87m. The pre-tax profits of €2.49m for 2023 follow pre-tax profits of €797,236 in 2022.
The directors, Harry O’Kelly, John Clohisey, and Barry Kehoe said they were satisfied with the performance of the group in 2023 “and will look to further grow the business in Ireland as well as abroad”.
Coffee chain Insomnia brews up profit of €2.5m
The company paid a dividend of €1.625m during the year. The directors said the dividend was paid to the ultimate holding company, Insomnia Coffee Limited, which is a company incorporated in Malta.
The directors said “no dividends were paid to directors by any group company during the year”.
The group operates a chain of coffee outlets here and in the UK and the €39m revenues for 2023 top pre-covid-19 revenues of €36.77m for 2019.
It recorded revenues of €39.16m in Ireland and €714,853 in the UK.
On the company’s future developments, the directors said the group planned to further develop and consolidate its existing activities in the coming year.
Insomnia Coffee Company is the country’s leading independent coffee shop chain, and the 15th largest in Europe.
More than 25 years in business
With more than 25 years in business, Insomnia has grown from a single location in a Galway bookstore in 1997 to more than 175 coffee shops throughout Ireland and the UK, both on the high street and in partnership with retailers.
The company also has more than 600 self-service machines in operation in Ireland and the UK.
The group’s operating profits totalled €4.69m, which takes account of €1.83m in non-cash net depreciation costs, and €106,679 in a non-cash impairment of assets.
The group made a pre-tax profit of €2.49m after paying interest charges of €251,834. The group had a post tax profit of €2.27m after paying corporation tax of €217,000.
Numbers employed increased from 491 to 509, as staff costs increased from €12.65m to €13.2m.
The company continued to expand in 2023 as it paid out €3.1m for the purchase of tangible fixed assets.
Shareholder funds at the end of 2023 totalled €8m, that included accumulated profits of €7.44m. The group’s cash funds increased from €1.45m to €3.23m.