Nando’s, the casual dining restaurant chain that has 11 branches in the Republic and a further three in the North, is looking to expand after reporting a sharp rise in both revenues and profits.
Recently filed accounts for Nando's Chickenland Ireland Limited covering the 12 months ending February 2016, show turnover increased by 28 per cent over the year from €16.5 million to €21.1 million
Pre-tax profits for the group, which established its first restaurant in Ireland in 2008, more than tripled, rising to €3.8 million from €1.2 million. This comes after the company previously reported profits that halved from €2.4 million from February 2014 to the same month a year later.
Nando’s attributed the jump in profits over the last 12 months to a rise in sales and decreased costs.
“The company’s strategy is to continue to grow in terms of restaurant numbers, profitability and market share. The company has opened 11 restaurants in the last eight years, and will continue to look for more than sites to open at a similar rate, where appropriate,” the company’s directors said.
Nando’s said it employed 357 people, up from 283 a year earlier, with staff costs totalling €6.9 million as against €5.2 million in the prior year.
At the end of the reporting period, the company said it had net assets of €7.5 million, as against €4.2 million previously.