Drop in pre-tax profits for operator of Milano chain

THE company that operates the chain ofMilano restaurants in Ireland last year sustained a 3% drop in pre-tax profits to €3.3 million.

Accounts just filed by Agenbite Ltd with the Companies Office show that the company sustained the drop in profits after its revenues decreased by 2.5% from €17.28m to €17m in the year to the end of June 27 last.

The accounts show that the company’s accumulated profits at the end of June last was €17.69m.

A subsidiary of Pizza Express, Milano opened its first outlet in Ireland on Dublin’s Dawson Street in 1995.

Along with several restaurants in Dublin, the company also operates outlets in Cork, Galway, Limerick and Ennis.

According to the directors’ report, “the casual dining market is highly competitive and the company will seek new opportunities to open new restaurants, while continuing to operate effectively and efficiently”.

The directors state that the key risks to the company are considered to be competition from other restaurateurs, employee retention, timely supplies or quality products and the impact of the current economic climate.

The returns show that staff numbers decreased by 17 from 345 during the year from to 328 with staff costs marginally decreasing from €6.7m to €6.6m.

The returns show that the company’s cost of sales decreased from €14m to €13.7m, while the company had a credit of €67,000 in its administrative expenses.

The accounts show after paying tax of €367,000, the company’s after-tax profits were €2.95m.

The company did not pay a dividend last year.

Pizza Express established its first restaurant in London and today operates more than 300 restaurants in Britain, while it also operates in Spain and France under the brand name, Pizza Milano.