Business Irish

Wednesday 21 November 2018

Milano chain making lots of dough as profits top €4.6m

The company continues to grow through opening a new restaurant and a sales boost. Stock image
The company continues to grow through opening a new restaurant and a sales boost. Stock image

Gordon Deegan

The Milano chain of pizza restaurants last year recorded pre-tax profits of €4.66m.

Revenues at Agenbite Ltd grew by 9pc to €25.2m for 2017.

The directors state that "whilst the rate of turnover growth is slightly lower than in the previous period, the performance is considered to be encouraging given the continuation of challenging market conditions, including the continuing increase in competition in the casual dining industry".

The company paid a €12.19m dividend last year and this followed a dividend payout of €12m in 2016.

Today, Milano operates restaurants at Dundrum, Dawson Street, Ranelagh, Haddington Road, Grand Canal, Temple Bar, Clarion Quay, Liffey Valley, Dún Laoghaire and Blanchardstown in Dublin along with outlets in Newbridge, Limerick, Galway, Cork, Ennis and Killarney.

Its Newbridge restaurant is the most recent addition to the expanding portfolio of restaurants, and opened last December.

The directors state that the company continued to grow through the opening of a new restaurant and improving like-for-like sales.

The opening contributed to numbers employed last year increasing from 493 to 541. 

Operating profits declined by 3.5pc to €4.66m and the directors attribute the drop "to continued cost pressures". The firm also incurred a €600,000 impairment charge.

The company's lease costs decreased from €3.6m in the prior 78-week period to €2.6m.

Irish Independent

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