O’Donoghues, one of Ireland’s most iconic pubs located on Merrion Row in Dublin, is celebrating its return to profitability with a post-tax profit of €215,886 recorded last year. The business, owned by the Barden family, managed to turn things around after experiencing two consecutive years of losses triggered by Covid-19. Previously, it posted a loss of €286,621 due to the pandemic.
Restrictions linked to Covid-19 significantly disrupted the pub trade, which only returned to its former activity levels in January 2022 – well into the fiscal year. As of June last year, the company’s accumulated profits reached €1.669 million, according to the accounts approved by directors Oliver Barden and Marie Barden on the 2nd of April.
Despite having no governmental grants last year compared to receiving €210,944 under the same heading in the previous year, the business was able to cover non-cash depreciation costs of €188,833. These profits mark a recovery from the effects of Covid-19, as the company had previously reported strong earnings of €434,020 in 2019, €521,152 in 2018 and €452,098 in 2017.
As at the end of June last, shareholder funds stood at €9.09 million, including accumulated profits of €1.66 million and a revaluation reserve of €7.42 million. The company reported a decline in cash funds from €3.29 million to €2.16 million, while the directors’ remuneration increased substantially from €128,142 to €345,000.
The firm also witnessed a rise in the value of its tangible assets from €6.12 million to €7.3 million during the last year, largely courtesy of a new investment property valued at €1.36 million. The workforce size of the pub also grew slightly, from 20 to 22. The pub, a hotbed for traditional Irish music such as The Dubliners from the 1960s, has also played host to notable patrons like Bruce Springsteen and is synonymous with the Barden family legacy.
In 1789, the establishment was constructed and initiated its function as a regular bar in 1934, opened by Paddy and Maureen O’Donoghue. Later in 1988, ownership transferred to Oliver Barden.