The company behind the Caffe Nero coffee shop chain saw its pre-tax profits increase by 50pc to €623,000 last year. New accounts show that Caffe Nero Ireland Ltd recorded the sharp rise as its revenues increased by 50pc to €7.5m in the 12 months to the end of May 2019.
The business was on a growth path before the Covid-19 pandemic shut down operations as part of the Government restrictions closing cafés and coffee shops.
In the year under review, Caffe Nero opened four new sites and a further four outlets have been opened since the end of May 2019. The new stores bring the number of Caffe Nero outlets in operation here to 20. The company expects to open further locations under the Caffe Nero brand.
The directors said that they believe there are strong growth prospects in the branded coffee bar market in Ireland.
The accounts have only been just lodged with the Companies Office but were signed off by the directors on January 7th last before the Covid-19 pandemic spread to Europe.
The workforce at the chain last year increased by 26 to 102 as staff costs rose to €2.4m from €1.67m.
The Irish unit recorded post-tax profits of €567,000 and paid corporation tax of €56,000.
The company's lease costs increased to €1.24m from €803,000 while the firm's non-cash depreciation costs came to €651,000.
Separate accounts lodged by the UK arm, Nero Holdings Ltd show that it recorded pre-tax profits of £23.08m (€25.8m) after recording revenues of £292.56m in the year to the end of May 2019.