Fitzers Catering, which last month reported pre-tax losses in excess of €600,000 for 2014, is forecasting a much-improved result this year.
Barry Storey, managing director of Fitzers, said the catering firm will record an 85 per cent increase in profits in 2016 to approximately €650,000, reports the Irish Examiner.
The firm, which employs over 1200 staff, predicts that revenues will increase by 16 per cent to €17.5m by the end of the year.
Fitzers' financial outlook improved in 2015 with projected profits in the region of €350,000, an improvement the losses garnered the previous year, which was due in part to the loss of its lucrative €7m-per-year Croke Park contract.
"Although, we were disappointed with the non-renewal, it was not totally unexpected as the tender competition was extremely stiff with multinational caterers such as Compass Catering and contract winners, Aramark, bidding large tender offers that could not be matched by our company," he said.
Storey added that the business continues to grow year on year.
