Slimmed-down Eddie Rockets chain pockets €1.5m pretax profit

EDDIE ROCKETS, the Irish chain of fast food restaurants, made a pretax profit of €1.5 million last year, according to accounts just filed at the Companies Office.

This marked a turnaround on 2008, when it secured an operating profit but suffered an impairment on the valuation of its properties, which resulted in a pretax loss of €409,000 for that year.

In 2009, gross profits at the chain of American-style diners fell 17 per cent to almost €8.1 million, while administrative expenses were stripped back 23 per cent to €6.4 million, as staff numbers and other costs were reduced.

Documents relating to Eddie Rockets (Ireland) Ltd show the company did not record any impairments on properties in the 2009 accounts.

Its properties were revalued downwards by €3 million, or 28 per cent, in May 2009, with this revaluation recorded in the 2008 accounts.

Shareholders’ funds amounted to almost €4.4 million, while the group had fixed assets of more than €9 million. Total assets less its liabilities arrived at €8.8 million.

The accounts also show a subsidiary of Eddie Rockets called Custom Burger Ltd, the company that operates The Counter burger bar outside Dundrum Town Centre, made a loss of about €215,000 last year.

Eddie Rockets (Ireland) Ltd is owed €1.1 million by the Custom Burger subsidiary.

The remuneration including pension contributions of the two directors, Eddie Rockets founder Niall Fortune and his wife Anne Fortune, arrived at €156,000, compared to €234,700 in 2008.

Employee numbers fell from an average of 209 in 2008 to 167 last year, with employment costs totalling €3.4 million, down 28 per cent.

Mr Fortune opened the first Eddie Rockets diner in South Anne Street in Dublin in 1989. The chain, which is celebrating the 21st anniversary, now has 37 outlets, many of which are operated by franchises.