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Revenues soar to €23.72m at Boojum

Exceptional and expansion costs at the company behind the Boojum chain of restaurants last year contributed to a 48.5pc increase in pre-tax losses to €970,778.

New figures filed by Modern Restaurant Concepts Ltd show that revenues at the business increased by 28.5pc to €23.72m from €18.46m in the 53 weeks to the end of April 28th last.

Its exceptional costs last year came to a total of €903,005.

The group's revenues are recorded across the island of Ireland but the bulk of Boojum's growth last year occurred in the Republic where sales increased by 36.5pc to €16.29m.

Sales in Northern Ireland increased at a slower rate of 14pc to €7.42m.

The casual Mexican burrito restaurant business is led by 2018 EY Entrepreneur of the Year finalist David Maxwell. The business had grown to 18 restaurants at the end of April last.

The brand operates outlets in Dublin, Limerick, Galway, Cork, Derry and Belfast.

The exceptional items arose from pre-opening costs of €212,284, other non-recurring items of €314,852, and the impairment of fixed assets of €376,869.

The directors said they recorded the impairment after the company decided not to proceed with a planned store opening.

The workforce across the group's outlets expanded from 422 to 444 last year, causing its staff costs to increase to €8.32m.

The group's earnings before interest, tax, depreciation and amortisation (Ebitda) remained at the same level of €2m.

Irish Independent