By Gordon Deegan
Operating profits at the firm behind the Milano chain of pizza restaurants fell by 3.5%, to €4.66m, last year due to continued cost pressures and increased competition.
Newly filed accounts for Agenbite Ltd show a slower rate of revenue growth of 9% to €25.2m.
“Whilst the rate of turnover growth is slightly lower than in the previous period, the performance is considered to be encouraging given the continuation of challenging market conditions, including the continuing increase in competition in the casual dining industry,” said the company.
Rental or operating lease costs decreased from €3.6m to €2.6m, but the business incurred a €600,000 impairment charge.
The company said it would continue to grow organically and through new openings. One Milano outlet opened last year, in Newbridge.
Employee numbers rose to 541 and staff costs totalled €8.46m.
Milano operates 10 outlets in Dublin as well as in Newbridge, Limerick, Galway, Cork, Ennis, and Killarney.
The accounts disclose that the firm paid out €1.65m for directors’ compensation for loss of office that included a waiver of a loan from a parent company and settlement of the related personal tax element by the parent company.
Two directors resigned last year.