The main firm behind the Louis Fitzgerald hospitality group, Burtse Ltd, has reported a 3.5% dip in pre-tax profits for the previous year, from €16.94m in fiscal year 2022 to €16.34m in the most recent fiscal year. However, this decline was marginal, as revenues increased by 45%, or €25m, from €55.75m to €80.84m.
The group’s underlying profit was actually up sharply last year, as the pre-tax profits for fiscal year 2022 were skewed by Government grant income of €5.87m. In the most recent fiscal year, Government grants totaled only €241,538.
The directors of Burtse Ltd stated that the group “is in a strong financial position” and that “management aims to increase the profitability of the company through increasing turnover and management of its operating costs.” The accounts show that the business repaid loans of €8.45m during the year, following loan repayments of €22.8m in the prior year.
The group’s gross profit margin increased from 70.8% to 73.6% last year. Louis Fitzgerald and his wife Helen, who lead the family-owned Louis Fitzgerald group, received zero pay from Burtse Ltd last year. Their children now play a prominent role in the running of the business.
The Louis Fitzgerald group operates a diverse portfolio of businesses, including well-known Dublin city centre pubs, hotels, and restaurants. The group’s expansion over the past 55 years is a testament to the vision and hard work of Louis Fitzgerald, who purchased his first pub on Dublin’s Townsend Street at the age of 23.
Despite the slight dip in pre-tax profits, the Louis Fitzgerald hospitality group remains a strong and profitable business. The directors’ focus on increasing turnover and managing operating costs, along with the group’s diverse range of successful ventures, positions it well for continued growth and success in the future.
