Busy Bee Group registered €609,944 in profit before tax during the financial year ended 30th November 2023 (FY2023), equivalent to 35 per cent more than the figure recorded in the previous year (FY2022: €453,124).
The results were shared in the audited financial statements for FY2023 of Busy Bee Finance plc, the group’s finance and investment company, on Thursday.
During the year, the group registered a total of €6.8 million in revenue, a 6.9 per cent increase from the €6.3 million that it received in FY2022. As was the case in the previous year, the vast majority of income came from Busy Bee Group’s retail operations, totalling €6.3 million, a considerable rise from the €5.8 million recorded in FY2022. Rental income and royalty income remained relatively stable at €146,941 and €351,103, respectively.
The group’s profitability was also improved due to a drop in cost of sales, with this going down from €4.6 million in FY2022 to €4.2 million in FY2023.
Busy Bee Group’s Directors stated that during a year of continued inflationary pressures, primarily driven by the conflict between Russia and Ukraine, the focus to improve efficiencies throughout operations proved to be “paramount.” This was coupled by an internal reorganisation from the group to “ensure resources are effectively allocated.”
The rise in revenue is primarily attributable to the first full year of operations of a new outlet in Sliema, operated by one of its related companies, together with an increase in outside catering events. Following the reporting period, in December, Busy Bee Group also opened a new outlet in Fgura, a move that had first been announced earlier in 2023.
Administrative expenses for FY2023 were similar to those of the previous reporting period, with these amounting to €1.6 million (FY2022: €1.7 million).
Busy Bee Group also recorded €1,624 in interest income. Finance costs amounted to €317,224, relatively close to FY2022’s €315,450.
The year also marked the first full year since the end of Government’s COVID-19 wage supplement, a measure that led to €156,553 in income for the group during FY2022. Despite this, the group still recorded €20,282 in other income in FY2023.
In FY2022, the group had also received €525,000 in movement in fair value of its investment property, a figure that was not replicated in the reporting period since there was no revaluation of property in 2023.
In terms of its balance sheet, the group experienced recognisable expansion in its assets, going up from €17.2 million to €17.9 million. The equity of the group amounted to €9.7 million, an increase from FY2022’s €7.9 million.
The Directors did not recommend the payment of a dividend, proposing to transfer the profit for the year to the reserves.
