Profits soaring at Eddie Rocket's
Published 25/11/2016 | 02:30
The firm that operates the 1950's US-style Eddie Rocket's chain of fast food restaurants last year returned to pre-tax profit on the back of soaring revenues.
New accounts filed by Eddie Rocket's (Ireland) Ltd show it recorded a pre-tax profit of €1.16m after recording a pre-tax loss of €446,193 in 2014.It returned to pre-tax profit after revenues increased by 31pc on 2014. Gross profit increased from €9.13m to €11.83m.
Directors said the trading results and financial position were "satisfactory".
Company founder and owner, Niall Fortune opened the first Eddie Rocket's in Dublin 27 years ago. The group sells two million hamburgers and 1,000 tonnes of fries each year, with chicken tenders, the classic hamburger and milkshakes being the most popular items.
Eddie Rocket's 36 diners are a mix of company and franchise-operated restaurants. It has also recently expanded to open Two Rocket's by Eddie Rocket's - a new fast casual restaurant.
Mr Fortune plans to expand number of outlets to 100 split evenly between the main brand and new Rockets format.
Staff increased from 194 to 255 with 242 in "restaurant" and 13 in "administration". This resulted in staff costs, including directors' remuneration, increasing from €4.67m to €5.8m Directors remuneration last year decreased from €528,098 to €478,936.
The profit takes account of combined non-cash depreciation and amortisation costs of €603,237.
Underlining expansion, the accounts show €1.64m in the purchase of fixed assets last year - following €610,923 under the same heading in 2014.
The directors do not recommend the payment of a dividend.