Pre-tax profits fall at Milano chain

The firm which operates the Milano restaurant chain sustained a marginal decrease in pre-tax profits in its most recent financial year, according to newly- filed accounts.

Latest figures for Agenbite Ltd show a €42,000 fall in profits from €2.85m to €2.81m.

The company’s revenues decreased by 1.5% from €17m, over the course of the 53 weeks to the beginning of last July.

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

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

Agenbite’s accounts show that the numbers employed by the company last year remained the same at 344.

However, the returns show staff costs decreased over the 12 month period from €7.1m to €6.6m.

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

After-tax profits amounted to €2.39m last year.

The company’s cash balance reduced from €837,000 to €530,000.

Agenbite did not pay a dividend last year.

Pizza Express established its first restaurant in London and today operates more than 300 restaurants in the UK.

It also operates in Spain and France under the brand name Pizza Milano.