Eddie Rockets enjoys €1.5m profit

FAST-FOOD chain Eddie Rockets swung back into the black last year with pre-tax profits of €1.5 million.

This is a big change from the €400,000 loss recorded in the previous year.

The accounts for the company do not reveal turnover, though gross profit was lower — almost €8.2m down from €9.7m — indicating that sales in the period were lower.

The results for the year and the financial position at the year end were considered satisfactory by the directors who expect continued growth in the foreseeable future.

In the accounts for Eddie Rockets (Ireland) Limited the directors confirm that there is an ongoing process for identifying, evaluating and managing the significant risks faced by the company.

They confirm that this process had been in place for the period under review and up to the date of the approval of the financial statements.

The directors said they have addressed the risks of the company and have taken measures to manage these risks.

“Revenue and profitability have been maintained at a consistent level during the year due to continued patronage of customers.

“The future success of the company is based on its ability to win new and maintain existing customers and maintaining expenditure in line with sustainable revenue streams,” they said.

In addition the company said it puts a strong focus on cost control and spending is reviewed on a monthly basis.

“This has resulted in a strong management awareness and intervention to ensure that the company remains profitable,” they said.

Directors remuneration was down from €234,715 in 2008 to €156,000 last year.

Employee numbers were down from 209 to 167 at the end of last year with staff costs falling from €4.7m to €3.4m.

No dividend was paid out to the company’s owners Niall and Anne Fortune in the year.

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