Business Irish

Saturday 25 November 2017

Irish arm of McDonald's paid €12m dividend to parent firm

John Mulligan

John Mulligan

The Irish arm of fast-food chain McDonald's paid a dividend of €12m to its US parent company during 2009, even as turnover at the subsidiary fell more than 8pc to €85.2m during the year.

Accounts for McDonald's Restaurants of Ireland showed the company's gross profit also fell in 2009, by nearly 8pc, to €61.5m. It managed to reduce its operating expenses during the period to €47.1m from €52.6m a year earlier, enabling it to hold operating profit relatively static at €14.4m.

McDonald's Ireland operated 14 company-owned outlets at the end of December, while it also gained income from the 64 franchised stores in the country

The company employed 957 people at the end of last year -- a reduction of 218 from the 1,175 it employed at the end of 2008.

Expansion

All of the jobs shed were among staff working in its company-owned outlets. The subsidiary also employs 40 administrative personnel.

Earlier this year, McDonald's announced it was planning to create 250 jobs by the end of this year at four new restaurants, in a €12m expansion. It claimed the expansion highlighted the resilience of the business in Ireland.

However, John Atherton, managing director of McDonald's in Ireland, recently said the expansion plans had been delayed until at least early next year.

McDonald's said its activities here contributed almost €200m to the Irish economy every year, while Irish firms exported a total of €396m annually in produce to other international McDonald's restaurants.

Irish Independent

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