Eddie Rockets reports loss after €1m property writedown

Irish fast food restaurant chain Eddie Rockets reported a €446,193 pre-tax loss last year as against a €882,630 profit in 2013 mainly due to a €1 million writedown in property values.

Operating profits at the group, which operates across 31 outlets in Ireland, fell from €944,730 to €598,380, while revenues rose to €10.8 million from €9.4 million, according to recently filed accounts.

Directors, Niall Fortune, Anne Fortune and Tobias Lukaschek said there had been an ongoing process to identify and manage "the significant risks faced by the company" and had introduced a number of measures including stricter cost control.

“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,” the directors said.

Staff costs, including directors’ remuneration totalled €4.9 million, up from €4.45 million a year earlier.

Eddie Rockets opened its first 1950s-style diner experience in Dublin in 1989 and most of the group’s restaurants are franchised. By 2018, the fast food chain plans to operate 100 restaurants around Ireland and Europe with the launch of its faster “Rocket’s” outlet late last year.

Similar to the group’s’s main restaurants, Rocket’s which is currently open in three locations in Ireland, promises a faster dining experience. It serves similar fare, but also offers made-to-order salads and combinations such as Bubble dog (hot-dog and prosecco), Egg E Muffins and mini-hamburgers.

The company recently announced plans to bring Rockets to 40 forecourts as part of a new €11.4 million deal with Topaz.