Milano grabs a bigger slice of the market
Pre-tax profits at the company behind the expanding Milano chain of restaurants here more than doubled to €6.8m last year.
Showing that there is a lot of dough to be made from bruschetta and pizzas, revenues at Agenbite Ltd last year increased by 68pc, from €20m to €33.82m.
However, the figures just lodged with the Companies Office are skewed as the revenues and profits last year concern an 18-month period to the end of December 25 last compared to a prior one-year period.
The directors said that the company continued to grow through the opening of a new restaurant and improving like-for-like sales.
During the year, the company paid a dividend of €12m to its UK parent, Pizza Express.
The directors' report said that during the 52-week period ended June 26, 2016, revenues increased by 7pc.
For the following 26-week period, revenues increased by 10.7pc as a result of a combination of like-for-like sales growth and a new restaurant opening.
The directors said that given the challenging trading environment experienced in the market, the directors were satisfied with the performance against budget.
Milano operates restaurants at Dundrum, Dawson Street, Ranelagh, Haddington Rd, Grand Canal, Temple Bar, Clarion Quay, Liffey Valley, Dun Laoghaire and Blanchardstown in Dublin along with outlets in Limerick, Galway, Cork, Ennis and Killarney.
The profit also takes account of non-cash depreciation costs of €1.2m. The company's rental or operating lease costs increased from €2.3m to €3.6m.
Numbers employed last year increased from 427 to 493. Staff costs went up from €7.6m to €12.73m.
The amount paid to directors last year increased from €1.2m to €1.55m and these payments relate to the amount the Pizza Express Group paid to the directors.
Accumulated profits at the company last year totalled €23.4m. The company's cash pile during the year reduced from €4.89m to €1.9m.