The firm behind the Eddie Rockets chain of restaurants here last year saw pre-tax profits of €1.96 million. It followed revenues at Eddie Rockets (Ireland) Ltd increasing by nine per cent from €8.68 million to €9.46 million.
However, revenues during the second pandemic hit year were some way off the pre-pandemic revenues of €19 million in 2019.
The Niall Fortune-controlled company recorded the pre-tax profit after booking a non-cash €976,081 impairment reversal and receiving other operating income of €1.025 million.
The 'other operating income' was made up of Government grants of €692,768, insurance claims receivable of €266,000 and €66,514 in net rents receivable.
Restaurants
Across the island of Ireland, 40 restaurants operate under the Eddie Rockets brand made up of 21 in Dublin and 19 on the rest of the island.
The profit last year also takes account of non-cash depreciation charges of €955,692.
Operating lease charges last year increased from €942,998 to €1.046 million.
Numbers employed by the business last year increased from 207 to 227 and staff costs reduced from €2.5 million to €1.95 million that takes account of Government Covid wage subsidy of €2.68 million.
The directors state that “refinancing discussions with the group’s bankers successfully concluded in early 2021 which the directors believe will provide the essential working capital needed to support the business”.
At the end of December last year, the firm's accumulated profits totalled €2.09 million. The firm’s cash funds declined from €1.7 million to €1.05 million.
Directors received no pay last year from the firm.
