Eddie Rockets reports tasty profits
Pre-tax profits at the firm that operates the Eddie Rockets chain of fast food restaurants last year increased by 20pc to €1.39m.
This followed revenues at Eddie Rockets (Ireland) Ltd going up by 11pc from €15.4m to €17.2m.
Company founder and owner Niall Fortune opened the first Eddie Rockets in Dublin 28 years ago. According to the directors’ report “the trading results for the year and the financial position at year end were considered satisfactory by the directors”.
The Eddie Rockets group sells two million hamburgers and 1,000 tonnes of French fries each year, with chicken tenders, the classic hamburger and milkshakes being the most popular items on the menu.
The company operates 49 1950s-themed US-style diners made up of ones operated by 27 franchisees and 22 directly operated by the company.
System-wide restaurant sales at Eddie Rockets in 2016 totalled €55m. The firm has also expanded to open a number of Rockets by Eddie Rockets – a new fast casual restaurant.
The accounts disclose that in May of this year, the company transferred 100pc of its ordinary sharers in Custom Burger Ltd to Stephanie Fortune.
Niall Fortune has previously confirmed plans to expand the number of outlets to 100, split evenly between the main brand and the new Rockets format.
Numbers employed by the company last year increased from 255 to 274, with 258 in restaurants and 16 in administration. This resulted in staff costs at the company, including directors’ remuneration, increasing from €5.8m to €6.6m.
Directors’ remuneration last year increased from €478,936 to €675,899. The jump in directors’ pay is mainly attributable to €200,000 in pension payments. The profit last year takes account of combined non-cash depreciation and amortisation costs of €654,757. The non-cash amortisation charge for the year was €137,500.
Underlining the business’s expansion, the accounts show that it incurred €1.84m in the purchase of fixed assets last year and this followed €1.6m under the same heading in 2015.
The pre-tax profit last year resulted in accumulated profits increasing to €6.6m at the end of December last. The company’s cash in hand and in bank decreased from €1.2m to €1.1m.
The company’s administrative expenses increased from €10.6m to €11.6m.