|Profits Drop at Milano|
|Written by Frank Corr|
|Friday, 13 April 2012 07:43|
The company that operates the Milano chain of restaurants in Ireland has reported a 14% drop in pre-tax profits in spite of an increase in revenues.
Accounts just filed by Agenbite Ltd with the Companies Registration Office show the company sustained the drop in profits from €3.3m to €2.85m after its revenues increased by 1.6% from €17m to €17.2m in the year to the end of June 26, 2011.
The company’s accumulated profits stood at €20.1m. A subsidiary of the British-based Pizza Express, Milano opened its first outlet in Ireland on Dublin’s Dawson Street in 1995. Along with several restaurants in Dublin, the company also operates outlets in Cork, Galway, Limerick and Ennis.
As a result of the opening of a new store last year, the numbers employed by the company increased from 328 to 344.