Milano Operator Records Pre-Tax Loss For 53 Week Period That Ended On January 3, 2021
According to new accounts filed by the operator of the Milano restaurant chain in Ireland, Agenbite Ltd, the business experienced a pre-tax loss of €13.34 million during the 53 week period that ended on January 3, 2021, and its revenues decreased 62% from €25.86 million to €9.69 million.
As reported by The Irish Times, the directors said that the decline in business was due to the adverse impact of the COVID-19 pandemic during the majority of the 53 week period.
The company's workforce reportedly decreased from 561 to 286 during the 53 week period, and the company reportedly received €1.19 million in government wage subsidy scheme payments.
The company's operating loss for the 53 week period was reportedly €1.31 million, which reportedly followed an operating profit of €4.6 million during the prior 12 months.
The chief factor behind the pre-tax loss of €13.34 million was reportedly exceptional costs concerning a €7.24 million impairment of right of use assets and €2.7 million impairment of property plant and equipment.
The loss reportedly also takes account of non-cash depreciation costs of €3.3 million and finance charges of €2 million.
The directors reportedly said that in the current environment they "were satisfied with the performance despite being considerably below budget" and that the company will continue with a strategy of growth through both existing restaurants and opening new restaurants. However, they reportedly conceded that "future developments of the business are entirely dependent on how long we remain in crisis mode due to COVID-19".
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