Premium prices for pints of Guinness helped the owner of one of the country’s best known pubs, The Temple Bar in Temple Bar, increase pre-tax profits by 46.4% to €9.6m last year.
New consolidated accounts filed by Tom Cleary’s Hillbreak Ltd show that pre-tax profits at the hospitality group increased on the back of revenues rising by 16% from €33.12m to €38.35m in the 12 months to the end of October last.
The revenues of €38.35m last year work out at an average weekly revenues of €767,041.
The pre-tax profits of €9.61m are a €3.05m increase on the pre-tax profits of €6.56m for the prior year.
The directors state that Hillbreak is an investment holding entity for a group of companies involved in the hospitality sector with activities as licensed vintners, hotelier, retail, restaurants and property rental.
The pub front of the iconic Temple Bar is one of the most photographed pub fronts in Ireland and a drinks receipt from the Temple Bar pub put online by a customer went viral in May of last year with 85,000 views on x.com showing a price for a pint of Guinness cost €10.45.
The receipt included a note from The Temple Bar pub to state that “all prices include live music and cover charge” along with 23% VAT and Excise Duty Tax.
Hillbreak was only incorporated in May 2022 and counts the operator of Temple Bar, Temple Inns Ltd as one of its subsidiaries.
The group generated cash of €13.85m from operations last year.
Operating profits at the group last year increased by 27% from €9m to €11.46m.
Net interest payments of €1.82m reduced operating profits to a pre-tax profit of €9.6m.
The group recorded a post tax profit of €8.29m after incurring a corporation tax charge of €1.3m. The profits take into account non-cash depreciation costs of €127,684.
Numbers employed remained at 92 as staff costs increased from €7.53m to €8.06m.
At the end of October last, the group’s shareholder funds totalled €46.35m that included a share premium account of €22.2m and accumulated profits of €24.35m.
The shareholder funds also include cash funds of €24m.
Pay to directors remained at the same level of €300,000.
In May of this year, Dublin City Council granted planning permission to Mr Cleary’s Chambers Properties Ltd for a 43 bedroom hotel facing onto Dame Street and Eustace Street in Temple Bar.
The book value of the group’s tangible assets last year totalled €53.7m made up of land and buildings freehold totalling €38.6m, investment properties of €14.75m and fixtures, fittings and equipment of €133,848.
Reporting by Gordon Deegan
