The Wright Group, a rapidly developing food and beverage company, saw a near tripling of its pretax profits to €10.67 million in the previous year, coinciding with a surge in revenues. Under the leadership of CEO Michael JF Wright, the company runs operations throughout Dublin, including the airport, and has recently expanded into fresh territories. The company’s profits were detailed in the consolidated accounts of the parent company, Treasure Trail Holdings Ltd, which revealed a 38% revenue increase from €35.6 million to €49.04 million in the year ending last September. Compared to €3.96 million in 2022, €10.67 million pretax profits indicated a 169% jump. The company directors explained the 38% revenue increase as a result of robust sales across established units and successful forays into new markets within Ireland. They expressed joy over the company’s exceptional financial performance for the current fiscal year. The operating profit of the group rose by 75% to €9.32 million, despite a net exceptional cost of €1.2 million related to the write-off of intercompany balances and the disposal of Wrights Cafe Bar Airside Ltd. Interest payments of €853,964 also affected operating profits, but this was offset by a non-cash gain of €3.42 million on investment value. The group owns multiple businesses such as Marqette food hall at Dublin Airport, UCD food hall, the Bloody Stream in Howth, Hogs and Heifers in Swords, and the Anglers Rest at Strawberry Beds in Dublin. EBITDA of the group increased by 54% in the previous year, as stated by the directors, due to the Airside sale profit, improved operational efficiency and cost management initiatives. The group also posted a profit of €4.96 million from disposing of tangible assets in 2023 according to the accounts.
The Swords-based firm observed a surge in revenues, aligning with the rise in passenger count at Dublin Airport from 28 million to 31.9 million last year. The company’s workforce experienced a near two-fold increase, escalating from 248 to 490 employees, subsequently leading to a 50% hike in staff costs, from €8.64 million to €12.99 million. On the other hand, total compensation for directors fell by 20% from €756,044 to €604,354 in the previous year. After accounting for a corporation tax charge of €2.07 million, the firm posted an after-tax profit of €8.59 million. As of the end of last September, the company had shareholders’ funds amounting to €11.93 million. The cash reserves of the group saw approximately a two-fold increase, moving from €3.9 million to €7.58 million.