The Dublin-based coffee chain achieved 32% revenue growth in 2022 following strong sales across its stores in Ireland and the UK – but high inflation and energy costs dent profits
Insomnia’s operations in Ireland contributed 97% of total revenues last year | Photo credit: Insomnia
Ireland’s Insomnia surpassed pre-pandemic revenues last year but saw profits fall significantly amid higher operating costs.
Filings for Insomnia’s parent company BHJ Holdings Ltd show the coffee chain’s full-year sales grew 32% to €37.3m ($40.6m) in the 12 months ended 31 December 2022.
The group’s operations in Ireland, where approximately 150 of its 170 stores are located, contributed 97% of total revenues during the period, increasing 31% to €36.2m ($39m). Insomnia’s UK sales rose from €726,925 ($790,000) in 2021 to €1.1m ($1.2m).
However, pre-tax profits fell 80% from €4.1m ($4.4m) in 2021 to €797,236 ($867,258). The decline is primarily the result of €3.2m ($3.4m) in Employer Wage Subsidy Scheme (EWSS) payments in the previous year, but BHJ Holdings Ltd also attributed the result to high inflation and rising energy costs.
Insomnia opened its first store in Galway in 1997 and currently operates high street outlets alongside in-store concessions in partnership with retailers such as Spar, Londis, Mace, Central England Co-op, Eason, Meadows & Byrne and Maxol. The business also operates a 600-unit self-serve coffee machine network.