Mi­lano grabs a big­ger slice of the mar­ket

Irish Independent - Business Week - - BUSINESSWEEK - Gor­don Dee­gan

PRE-TAX prof­its at the com­pany be­hind the ex­pand­ing Mi­lano chain of restau­rants here more than dou­bled to €6.8m last year.

Show­ing that there is a lot of dough to be made from br­uschetta and piz­zas, rev­enues at Agen­bite Ltd last year in­creased by 68pc, from €20m to €33.82m.

How­ever, the fig­ures just lodged with the Com­pa­nies Of­fice are skewed as the rev­enues and prof­its last year con­cern an 18-month pe­riod to the end of De­cem­ber 25 last com­pared to a prior one-year pe­riod.

The direc­tors said that the com­pany con­tin­ued to grow through the open­ing of a new res­tau­rant and im­prov­ing like­for-like sales.

Dur­ing the year, the com­pany paid a div­i­dend of €12m to its UK par­ent, Pizza Ex­press.

The direc­tors’ re­port said that dur­ing the 52-week pe­riod ended June 26, 2016, rev­enues in­creased by 7pc.

For the fol­low­ing 26-week pe­riod, rev­enues in­creased by 10.7pc as a re­sult of a com­bi­na­tion of like-for-like sales growth and a new res­tau­rant open­ing.

The direc­tors said that given the chal­leng­ing trad­ing en­vi­ron­ment ex­pe­ri­enced in the mar­ket, the direc­tors were sat­is­fied with the per­for­mance against bud­get.

Mi­lano op­er­ates restau­rants at Dun­drum, Daw­son Street, Ranelagh, Hadding­ton Rd, Grand Canal, Tem­ple Bar, Clar­ion Quay, Lif­fey Val­ley, Dun Laoghaire and Blan­chard­stown in Dublin along with out­lets in Lim­er­ick, Gal­way, Cork, En­nis and Kil­lar­ney.

The profit also takes ac­count of non-cash de­pre­ci­a­tion costs of €1.2m. The com­pany’s rental or op­er­at­ing lease costs in­creased from €2.3m to €3.6m.

Num­bers em­ployed last year in­creased from 427 to 493. Staff costs went up from €7.6m to €12.73m.

The amount paid to direc­tors last year in­creased from €1.2m to €1.55m and these pay­ments re­late to the amount the Pizza Ex­press Group paid to the direc­tors.

Ac­cu­mu­lated prof­its at the com­pany last year to­talled €23.4m. The com­pany’s cash pile dur­ing the year re­duced from €4.89m to €1.9m.

Pre-tax prof­its rise to €6.8m

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