Nando's hungry for expansion as profits jump to €4m
Nando's is seeking more sites to open restaurants here as pre-tax profits jumped by 44.5pc to €4m last year.
New accounts filed by Nando's Chickenland Ireland Ltd show that profits soared as revenues increased by 12pc from €22.6m to €25.36m in the 12 months to the end of February 25 last.
The directors state that the company's strategy is to continue to grow in terms of restaurant numbers, profitability and market share.
The report states: "The company has opened 12 restaurants in the last nine years, and will continue to look for more sites to open where appropriate."
The directors also state: "To drive profitability and market share, the company will continue to focus on existing locations and develop opportunities for like for like growth, through further engagement with its employees and customers."
Numbers of staff employed increased from 406 to 433, with staff costs increasing from €7.6m to €8.77m.
The profits last year take account of non-cash depreciation costs of €1m and amortisation of fixed assets of €676,150 while the firm's rents payable under operating leases decreased from €1.9m to €1.85m.
At the end of February last, the firm had accumulated profits of €13.6m.
The firm's cash increased from €7.399m to €12.47m.
Directors' pay totalled €251,065, with the figure including €40,888 in pension payments.