Fast food firm Nando’s is looking to expand here on the back of increased revenues at its Irish operation last year.
According to accounts recently filed by the Irish arm of the chain, revenues at the firm last year increased by 8%, from €15.37m to €16.54m.
However, pre-tax profits at Nando’s Chickenland Ireland Ltd more than halved, from €2.47m to €1.22m.
According to the directors’ report, “the company is currently looking for potential sites to open more restaurants in the Republic of Ireland”.
There are already a number of Nando’s outlets in Dublin and one in Mahon Point Shopping Centre in Cork. A new restaurant is set to open on Academy St in Cork City soon.
The directors confirmed that they employ ‘mystery shoppers’ to ensure a high quality product as part of regular operational audits at restaurant level.
The fall in pre-tax profits was mainly driven by a €849,753 loss on foreign exchange. Outlining the firm’s strategy, the directors say they aim “to develop growth by a combination of strong like-for-like sales, control of margins, and new site acquisitions”.
One director last year received total pay of €135,378, including a €19,338 pension payment. Rents payable under operating leases increased sharply, going from €932,852 to €1.287m.
At the end of December last, the firm had accumulated profits of €4.19m. Shareholder funds stood at €4.2m, including cash of €2.96m.
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