Pre-tax profits at the company behind the Caffe Nero coffee shop chain last year increased by 50% to €623,000.
That is according to new accounts which show that Caffe Nero Ireland Ltd recorded the sharp rise in pre-tax profits as revenues increased by 50% to €7.5m in the 12 months to the end of May last.
The business was on a growth path before the Covid 19 pandemic shut down operations as part of the Government restrictions closing cafes and coffee shops.
In the year under review, the company opened a further four sites and opened four more since the end of May last.
The four new stores opened since last May brings to 20 Caffe Nero outlets in operation here.
The directors state that they expect to open further locations under the Caffe Nero brand.
The directors state that they believe there are strong growth prospects in the branded coffee bar market in Ireland.
The accounts have only just been lodged with the Companies Office but were signed off by the directors on January 7th last before the Covid 19 pandemic spread to Europe.
Numbers employed by the company last year increased from 76 to 102 as staff costs went up from €1.67m to €2.4m.
The Irish unit recorded post tax profits of €567,000 paying corporation tax of €56,000.
The company's lease costs increased from €803,000 to €1.24m while the firm's non-cash depreciation costs came to €651,000.
Separate accounts lodged by the Irish company’s UK parent, Nero Holdings Ltd show that it recorded pre-tax profits of £23.08m after recording revenues of £292.56m in the 12 months to the end of May last.
The company opened a further 14 stores in the UK during the year to bring the total the number to 663.
