The Irish arm of fast casual restaurant operator, Nando's is seeking to expand further here after pre-tax profits more than doubled to €5.6m this year.
New accounts filed by Nando’s Chickenland Ireland Ltd show that the business recorded the sharp increase in pre-tax profits as revenues rose by 78% rising from €17.22m to €30.7m in the 12 months to the end of February 26 this year.
The directors said that "the company is currently looking for potential sites to open more restaurants in the Republic of Ireland".
They said that in the first quarter of the financial year February 2024, "sales across the company continued to grow, nevertheless cost inflation remains at elevated levels".
The directors said that the company is actively managing the impact of cost pressures through various initiatives, "however we expect these factors to serve as a significant drag on our performance in the current financial year".
The directors state that "whilst we continue to navigate the challenging market conditions, we have been extremely encouraged by the strength of our brands and customer demand for our 'PERI-PERI' chicken".
They also said that "with strong sales, we are continuing to open new restaurants and refurbish our existing estate".
They further state that the company’s strategy through the period is to continue to grow in terms of restaurant numbers, profitability, and market share, and that to drive profitability and market share, the company will continue to focus on existing locations and develop opportunities for like-for-like growth.
The company recorded operating profits of €6.45m and interest payments of €985,510 offset by a foreign exchange gain of €148,284 resulted in the pre-tax profit of €5.6m.
The pre-tax profit this year takes account of non-cash depreciation and amortisation costs of €3.08m.
The company received Government grants of €1.22m this year which was down sharply on the €5.4m received in fiscal 2022.
Staff numbers this year increased from 414 to 485 as staff costs rose from €8.54m to €9.9m.
Pay to directors last year totalled €150,917. The firm recorded a post tax profit of €5.26m after incurring a corporation tax charge of €352,646.
Accumulated profits at the end of February this year totalled €24.53m while the firm’s cash funds increased from €11.38m to €18.69m.
