Avoca expansion helps to double Aramark profits
The expansion of the Avoca brand contributed to operating profits at parent company Aramark Ireland more than doubling to €7.76m last year.
Newly-filed accounts filed by Aramark Ireland Holdings Ltd and subsidiaries show the food and facilities management group also increased revenues by 30.4% to just under €351.6m.
The company largely attributed the increase in revenue to the inclusion of a full-year’s Avoca business versus nine months in 2016 when the Avoca business was acquired.
The business was boosted by Avoca adding to its network of outlets with the opening of its Dunboyne outlet in 2017.
Aramark also said that revenues increased arising from positive increases in catering and facilities along with “an increased client base, strong retention and new business wins in other areas”.
The group recorded pre-tax profits of €4m, after net interest payments of €3.7m are taken into account. The profit followed a pre-tax loss of €1.6m in 2016.
The Avoca business is just one part of the Aramark operation where the group’s services include on-site catering, cleaning, facilities, property management and retail. Numbers employed by the group last year rose 237 from 5,005 to 5,242.
The group’s balance sheet strengthened during the year following a cash injection of €130m with shareholder funds of €168.48m at the end of last year. The group’s cash increased from €4.1m to €5.3m.
