The firm that operates the Milano chain of pizza restaurants here last year made ‘lots of dough’ as pre-tax profits increased more than four-fold to €11.89 million.
New accounts filed by Agenbite Ltd show that the business recorded a surge in pre-tax profits as revenues more than doubled from €12.22 million to €25.48 million in the 12 months to the end of January 1st 2023.
In a strong post Covid-19 recovery, numbers employed by the business last year increased by 261 rising from 291 to 552.
The figures show that the profits were boosted by €7.53 million non-cash gain that was mainly made up of reversal of previous impairments of property and right to use assets.
Profits were also boosted by the business receiving €2.17 million under the Covid-19 Employer Wage Subsidy Scheme (EWSS) that followed €3.8m paid out under that heading in the prior year.
The profit takes account of non-cash depreciation costs of €2.6 million.
The directors state that the 108.5 per cent increase in revenues last year was “attributable to the post pandemic recovery”. Pre-tax profits increased by 351 per cent from €2.63 million to €11.89 million.
They state “given the challenging trading environment experienced in the market, as well as the sector wide cost headwinds, the directors were satisfied with performance against the budget”.
On future developments, the directors state that the company is focused on re-energising the business and estate through a comprehensive refurbishment programme and driving the delivery service market share.
Staff costs at the Pizza Express owned company almost doubled from €5.7 millionto €11 million.
Today, Milano operates restaurants at Dundrum, Dawson Street, Haddington Rd, Grand Canal, Temple Bar, Clarion Quay, Liffey Valley, Dun Laoghaire, Blanchardstown and the Swords Pavilion in Dublin along with outlets in Newbridge, Limerick (2), Galway, Cork (2), Ennis and Killarney.
The directors state that no restaurants were opened or closed in 2022.
The company’s rental or operating lease costs last year totalled €3.47 million.
Accumulated profits at the company last year totalled €17.56 million. The company’s cash pile during the year increased from €6 million to €6.34 million.
The company’s cost of sales amounted to €17.45 million, resulting in a gross profit of €8 million.
The company’s post-tax loss totalled €11.46 million after paying €438,000 in corporation tax.
