Earnings and revenue rise at major Irish Domino franchise with €20.24 million dividend payment

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The largest Irish franchisee of the Domino pizza group rose 16 percent to €12.25 million in 2021.

The new accounts show that Domino’s company Shorecal was making “a lot of money” as revenue jumped nine percent from €55.25m to €60.26m in the 12 months to 26 last December.

Shorecal operates around 30 of the 86 Domino’s outlets statewide and also operates outlets in Northern Ireland.

The company is majority owned by the Caldwell family, based in Belfast, and accounts show that in January this year, the company paid a dividend of €20.24m.

This followed a dividend payment of €8 million in 2021.

Domino’s Pizza Group, the publicly traded company that runs the pizza chain in Britain and Ireland, took a 15% stake in the business in 2019 for €12.5m.

The US Bronfman family, whose wealth was originally derived from Seagram whiskey, also owns about a third of the business.

The directors stated that both the level of business and the financial situation at the end of the year were satisfactory.

Impact of Covid-19

On the impact of Covid-19, the directors said they have seen “a significant effect on their business activities as a result of the virus”.

The directors added that they are confident that the group has the necessary financial resources and liquidity assets to get through this uncertain period.

On the performance of the business since the end of last year, the directors said that the Covid-19 pandemic continues to have a negative effect on their business activities.

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The firm posted a profit after tax of €10.34 million after paying corporate tax of €1.9 million.

The benefit takes into account non-cash depreciation costs of €1.4 million.

The business generated sales of €40.7 million here and €19.49 million in Northern Ireland.

The number of employees last year was reduced by 74 from 516 to 442 and personnel costs increased from €9.9 million to €10.49 million.

Retained earnings stood at €27.87 million as its cash holdings rose sharply from €15.2 million to €27.5 million.

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The company said it is awaiting a ruling from the Court of Appeals on its challenge of a tax assessment that one of its companies wrongly treated its delivery drivers as self-employed independent contractors. The case was reported last July.

The Department of Revenue argued that the drivers should be treated as employees for tax purposes. Shorecal’s Karshan, Midlands business has subsequently lost appeals to the Tax Appeals Commission and the High Court in what was the first ever “gig economy” ruling by an Irish court.

The case dates back to a €215,718 2014 Revenue assessment of Karshan’s tax treatment of its delivery drivers in 2010 and 2011.

The note states that should the appeals fail, the directors are of the opinion that the possibility of a liability behind the Revenue estimates for 2010 and 2011 is remote.


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