Recession bites at Milano chain
Profits at the Milano chain of restaurants in Ireland were flat last year at €2.8 million.
According to accounts just filed by Agenbite Ltd to the Companies Office, pretax profits decreased by €42,000 from €2.85 million to €2.81 million, while revenues fell by 1.5 per cent from €17.29 million to €17 million in the 53 weeks to the end of July 1st, 2012.
The accounts show accumulated profits at the end of July 1st last were €22.5 million.
A subsidiary of Pizza Express, Milano opened its first outlet in Ireland on Dublin’s Dawson Street in 1995. Along with several restaurants in Dublin, it has outlets in Cork, Galway, Limerick and Ennis.
The figures show the numbers employed by the company last year remained the same, at 344.
According to the directors’ report, “the casual dining market is highly competitive and the company will seek new opportunities to open new restaurants, whilst continuing to operate effectively and efficiently”.