Thursday 17 April 2014

Pre-tax profits decrease at Milano chain operator

THE company that operates the chain of Milano Italian restaurants in Ireland last year saw pre-tax profits slide to €2.81m.

According to accounts just filed by Agenbite Ltd to the Companies Office, the company booked a slight drop in profits after its revenues decreased from €17.29m to €17m in the 53 weeks to the end of July 1 last year.

That resulted in pre-tax profits dropping by €42,000 from €2.85m to €2.81m. Profits after tax totalled €2.39m. Even so, accumulated profits continued to increase, topping €22.5m.

A subsidiary of Pizza Express, Milano opened its first outlet in Ireland on Dublin's Dawson Street in 1995.

Along with several restaurants in Dublin, the company also operates outlets in Cork, Galway, Limerick and Ennis.

The numbers employed by the company last year remained the same at 344. Staff costs, however, fell to €6.6m from €7.1m. The company did not pay a dividend last year.

Irish Independent

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