Eddie Rockets Records Loss After Property Writedown
Irish fast food diner chain Eddie Rockets recorded a pre-tax loss of nearly half a million last year, mainly due to a €1 million writedown in property values.
According to the Irish Times, the group reported a loss of €446,193, compared to a profit of €882,630 the previous year. Operating profits and revenue, however, were both up.
A statement by the company's directors said it plans to introduce a number of measures to manage "the significant risks faced by the company”, which includes stricter cost controls.
“Revenue and gross profitability have been maintained at a consistent level during the year due to continued patronage of customers. The future success of the company is based on its ability to win new and retain existing customers whilst maintaining expenditure in line with sustainable revenue stream,” read the statement.
Founded in 1989, it currently operates 31 outlets in Ireland, most of which are franchised. Owner Niall Fortune is hoping to open 100 new restaurants in Ireland, the UK and Europe by 2018.