Profits fall at Bar One Racing
Local bookmakers Bar One Racing saw its revenues fall by more than 10 per cent between 2012 and 2013.
According to a report in The Business Post, the company’s revenues fell from €45.9 million in 2012 to €40.8 million in 2013. Losses for that year also rose from €449,677 to €737,677.
Bar One, who have their headquarters at Hagan House on the Ramparts Road, is run by Barney O’Hare. The bookmakers have numerous local shops at Greenacres, Park Street, the Ramparts, Peter Street, Bridge Street, Marian Park and a stall at Dundalk Stadium. They also have outlets throughout the country in Dublin, Cork, Galway, Limerick, Clare, Tipperary, Kildare, Meath, Monaghan, Donegal and Westmeath.
Most of Bar One’s business comes from its shops, which in 2012 generated €41.6 million in revenues, with telebetting accounting for €3.7 million and racecourse betting bringing in €538,675.
In 2013, however, the amount from the shops had slumped to €36.9 million while its telebetting operations had fallen to €3.4 million and racecourse betting dropped to €364,119.
Bar One had 136 employees in 2013, with a salary bill of €2.6 million, up from €2.3 million the year before. Its directors’ emoluments also rose from €19,480 to €55,600.
The accounts also note that the company is involved in “a substantial tax arrears agreement with the Revenue.”
According to the accounts “the company, up to the date of signing the accounts (February 25th 2016) has honoured its commitments under the agreement and its ability to continue trading in the future will depend on its continued ability to service the repayments.”
The accounts note that the company is “highly dependent on the continued support of its bankers.”