Nando's looks for new sites to expand
Fast food firm Nando's plans to expand here on the back of increased revenues at its Irish operation last year.
That is confirmed in new accounts by the Irish arm of Nando's, which show that pre-tax profits declined by more than half to €1.22m.
Accounts recently filed by Nando's Chickenland Ireland Ltd show that revenues at the firm last year increased by 8pc from €15.37m to €16.54m.
According to the directors' report "the company is currently looking for potential sites to open more restaurants in the Republic of Ireland".
The directors confirm that they employ 'mystery shoppers' to ensure a high quality product as part of regular operational audits at restaurant level.
On the 'mystery shopper' visits, the directors state that the "average result for the past 52 weeks has been very satisfactory".
Numbers employed last year increased from 265 to 283.
According to the directors' report: "the company achieved a gross profit margin of 22pc in the period - a decrease from the previous year's 26pc. The decrease is in line with management expectations."
The directors state that the decrease in pre-tax profits "is due to the reduction in gross margin and increased central costs. The directors are satisfied with the company's financial performance".
A leading factor behind the drop in pre-tax profits was a €849,753 loss on foreign exchange.
The accounts state that a royalty payment of €825,101 was made to a related firm concerning a 5pc charge on net turnover for the use of Nando's brand.