Profits dip at Eddie Rockets

IRISH fast food chain Eddie Rockets recorded a slight dip in pre-tax profits last year to a little more than €1 million.

The previous year the company reported pre-tax profits of €1.18m, which were up significantly on its losses of €283,996 in 2005.

The accounts for the company do not reveal turnover, though gross profit was higher — €9.3m from €8.59m — indicating sales in the period were ahead.

The drop in profitability was hindered by a rise in administrative expenses, up from €7.9m from €7.42m.

As no dividend was paid out to the company’s owners Niall and Anne Fortune, retained profits increased to €3.5m from €2.7m.

Shareholders’ funds at the year end stood at €5.1m.

Eddie Rockets opened its first outlet in Dublin in 1990. There are close to 30 restaurants in Ireland, as well as in Liverpool and Wales.

The company directors said in a note with accounts: “The results for the year and the financial position at the year end were considered satisfactory by the directors who do not foresee any significant changes in core business activities for the foreseeable future.”

The directors also confirmed that there is an ongoing process for identifying, evaluating and managing the “significant risks” faced by the company. It said this process has been in place for the year under review and up to the date of the approval of the financial statements in September.

Directors emoluments fell to €436,066 from €521,500 in 2006. The Fortunes are the company’s only directors.

Staff numbers increased to 190 from 182. Staff costs rose from €4.2m to €4.6m.