Eddie Rockets sees pre-tax profits slide 34%
Accounts just filed by Irish-owned Eddie Rockets (Ireland) Ltd show that gross profit at the firm declined by 8% from €8m to €7.2m in the 12 months to the end of December last.
The numbers directly employed by the chain declined from 167 to 155 and the directors state that they consider the financial position at year end satisfactory.
The directors state that the company’s revenue and profitability have been maintained at a consistent level during the year due to continued patronage of customers.
The first Eddie Rockets opened in Dublin 22 years ago and today there are 41 Eddie Rockets outlets.
The profits last year resulted in accumulated profits of €5.1m at the end of December. The company had cash of €408,345 at the end of last year.
The accounts do not provide a sales figure as they are abridged accounts.
However, the figures show that the company’s administrative expenses declined from €6.4m to €6.1m.
The accounts show that the company’s operating profit declined by 35% from €1.68m to €1.09m. Interest payments of €108,239 reduced the company’s profits to €989,762.
The figures show that the profit takes account of non-cash costs of €279,405 in depreciation and €137,500 in amortisation.
The figures show that a subsidiary, Custom Burger Ltd, recorded a loss of €172,461 last year.
The figures show that Eddie Rockets had bank loans totalling €4.4m last year. The figures show that the numbers directly employed by the firm last year dropped from 167 to 155, with staff costs decreasing from €3.4m to €3.2m.
According to the directors’ report, the future success of the company is based on its ability to win new and existing customers, whilst maintaining expenditure in line with sustainable and revenue streams.
The directors did not recommend the payment of a dividend.
