Costs eat into Eddie Rocket’s profits
A €1.44m exceptional cost contributed to pre-tax profits at the company behind popular fast food restaurant chain Eddie Rocket’s tumbling by 83% last year.
Newly-filed accounts for Eddie Rocket’s (Ireland) Ltd show profits falling to €234,208. However, it recorded a 17% rise in annual revenues to €20.1m.
The €1.44m exceptional cost concerned a provision for an intracompany loan. Numbers employed at the business jumped from 274 to 328, last year, with staff costs, including directors’ pay, amounting to €7.6m.
The Eddie Rocket’s group sells two million hamburgers and 1,000 tonnes of french fries each year with chicken tenders, the classic hamburger and milkshakes being the most popular items on its menu.
Company founder and owner, Niall Fortune opened the first Eddie Rocket’s in Dublin 29 years ago. In the company’s latest accounts, management said the trading results for the year and the financial position at year-end were considered satisfactory.
The company operates 50 diners made up of ones operated by 28 franchisees and 22 directly operated by the company.
The business has also expanded to open a number of Rocket’s by Eddie Rocket’s outlets — modelled as a fresher fast casual restaurant concept.
The pre-tax profit last year resulted in accumulated profits totalling €6.6m at the end of December. The company’s cash in hand and in bank increased from €1.1m to €1.6m.
The figures also show that the company’s administrative expenses increased from €11.6m to €13.5m.
