McDonald’s chief executive has admitted the fast food chain has not been keeping up with the times and changes are in store for its US restaurants.

Fast-food giant McDonald’s celebrates its 50th birthday today.

PRE-TAX profits at McDonald’s Restaurants of Ireland jumped by 70% last year to €9.2 million, accounts filed with the Companies Registration Office reveal.

McDonald’s Corporation reported lower comparable sales at its worldwide restaurants in April for a 14th month in a row today but registered improvement in its US business for the first time in over a year, helped by its new salads.

McDonald’s Corporation had its corporate credit ratings downgraded by Standard and Poor’s Ratings Services, which cited tough domestic competition, a fast-food industry slump and sluggish growth overseas.