Monday 23 September 2019

One-off cost bites in to Eddie Rocket's profits

The Eddie Rocket’s group sells two million burgers a year
The Eddie Rocket’s group sells two million burgers a year

Gordon Deegan

A €1.44m exceptional cost last year contributed to pre-tax profits tumbling by 83pc to €234,208 at Eddie Rocket's.

New accounts show that Eddie Rocket's (Ireland) Ltd's increased by 17pc, from €17.2m to €20.1m.

The €1.44m exceptional cost concerned a provision for an intra-company loan.

Numbers employed at the business last year rose from 274 to 328 as staff costs, including directors' pay, went up by €991,990m to €7.6m.

The firm last year paid a dividend of €107,175.

Company founder and owner Niall Fortune opened the first Eddie Rocket's in Dublin 29 years ago and according to the directors' report, "the trading results for the year and the financial position at year end were considered satisfactory".

The Eddie Rocket's group sells two million hamburgers and 1,000 tonnes of French fries each year.

Chicken tenders, the classic hamburger and milkshakes are the most popular items on the menu.

The company operates 50 diners - 28 franchisees and 22 directly operated by the company.

The firm has also expanded to open a number of Rocket's by Eddie Rocket's - a new fast casual restaurant.

Directors' pay last year decreased from €475,899 to €457,236.

The profit last year takes account of combined non-cash depreciation and amortisation costs of €965,357. 

Irish Independent

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