New accounts have revealed that revenues at Caffè Nero Ireland Ltd rose 50% to €7.5 million during the year that ended on May 31, 2019.
Pre-tax profits at the company behind the coffee shop chain also increased 50% during the period, rising to €623,000.
The Irish unit of Caffè Nero recorded post-tax profits of €567,000 and paid €56,000 in corporation tax during the 12 month period.
Get a FREE Digital Subscription!Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
Meanwhile, the number of people employed by the chain increased by 26 to 102; staff costs increased from €1.67 million to €2.4 million; the company's lease costs increased from €803,000 to €1.24 million; and its non-cash depreciation costs amounted to €651,000, as reported by The Irish Independent.
Irish Growth Prospects And UK Statistics
Caffè Nero currently operates 20 outlets in Ireland and its directors said that they believe that there are strong prospects for further growth in Ireland.
Separate accounts revealed that the UK arm of Caffè Nero recorded pre-tax profits of £23.08 million and revenues of £292.56 million for the same 12 month period.
© 2020 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.