Eddie Rocket’s serves up 10% profit rise to €1.4m

Fast food chain Eddie Rocket’s posted a 10% increase in pre-profits to €1.39m.

Accounts for Eddie Rockets Ireland Ltd show sales rose 11% to €17.2m.

Niall Fortune, who opened the first Eddie Rocket’s outlet in Dublin 28 years ago, now operates 49 diners, including 27 franchises and 22 directly owned by the company.

Based on an American diner on London’s King’s Road, it sells 2 million hamburgers and 1,000 tonnes of chips each year.

The firm has also expanded to open new outlets, called Rocket’s by Eddie Rockets.

Niall Fortune has previously confirmed plans to expand its outlets to 100.

The accounts show that in May the company transferred all its ordinary shares in Custom Burger Ltd to Stephanie Fortune but provided no further detail.

Staff numbers increased from 255 to 274. About 258 staff work in the restaurants and 16 people are in administration.

Total staff costs, including directors’ pay, increased from €5.8m to €6.6m.

With an additional €200,000 in pension payments, directors’ pay increased from €478,936 to €675,899.

Underlining the business’s expansion, it incurred €1.84m in the purchase of fixed assets.

It had spent €1.6m on fixed assets in 2015.

Accumulated profits have now topped €6.6m but the figures show administrative expenses increased from €10.6m to €11.6m.

Its cash decreased from €1.2m to €1.1m.