The Milano chain of restaurants saw profits increase last year by 40% to €2.8m.
This followed revenues at the firm that operates the brand in Ireland, Agenbite Ltd, last year increasing by 14.5% to €18.1m. A subsidiary of the UK-based Pizza Express, Milano opened its first outlet in Ireland on Dublin’s Dawson Street in 1995.
It has since expanded to operate restaurants at Temple Bar, the IFSC, Dundrum and Grand Canal Harbour in Dublin along with outlets in Cork, Galway and Limerick.
More recently, Milano has opened outlets at Ranelagh and Haddington Rd in Dublin along with ones at Ennis, Co Clare and Killarney, Co Kerry. Underlining the group’s recent expansion, numbers employed by the group last year increased from 300 to 375.
The increase in pre-tax profits and revenues last year returns the company to growth as it had sustained a drop in growth in 2013.
The directors’ report section of the latest accounts 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 say that the performance of the company during 2014 “produced encouraging results”.
The report states: “The company implemented various successful initiatives in line with its strategy to improve like-for-like performance and its current year trading has also been assisted by the improving macro-economic environment in the market.”
The accounts show that the company’s accumulated profits at the end of June last stood at €26.7m that included its cash jumping from €974,000 to €2.18m. The increase of 75 in numbers employed contributed to staff costs increasing by 15% to €7m.
The returns also show that the company’s cost of sales increased from €13.7m to €15.35m contributing to the company’s gross profit increasing from €2m to €2.83m.
Administrative expenses of €29,000 contributed to the company’s operating profit declining from €1.9m to €2.8m. In June last year, the owner of Milano, Pizza Express was sold to Chinese private equity firm, Hony Capital for £900m.
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