The directors of the Boojum chain of Mexican burrito restaurants have declared that “the outlook for the group is bright” as revenues surged by 29pc to £24.06m (€27.46m) last year.
New group accounts for Boojum, Modern Restaurant Concepts Ltd show that pre-tax profits declined by 10pc to £1.73m (€1.97 million) in the 12 months to the end of April last.
The drop in pre-tax profit occurred as revenues increased by €6.16 million from €21.24 million to £27.41 million.
The decrease in profit is mainly due to a sharp decline in Covid-19 wage subsidy scheme payments from £1.92 million to £214,245.
The directors state that last year was another successful year for the business as it opened up a new store.
The business recorded revenues of €1.7 million in the Republic of Ireland and £8.7 million (€9.937,871 million) for Northern Ireland.
Numbers employed increased from 332 to 376 as staff costs went up from €7.4 million to €8.39 million. Directors' pay increased to £240,239.
The directors state that the improved performance “can be predominantly attributed to more favourable conditions following the significant and sustained squeeze on volumes caused by COVID-19 trading restrictions” along with the opening of the new store which delivered incremental revenue.
Due to the impact of Covid-19 four stores have remained closed for more than one year with two of these stores shut permanently during the year.
The directors state that there was an increase in underlying profits last year.
The directors state that delivery and collection sales have secured a greater share of revenue “and consequently digital first and true omni-channel functionality are essential to maximise customer reach”.
They also state that "although on a positive trend, key market metrics relating to office occupancy, retail activity and consumer spending have still not returned to previous benchmark levels”.
The directors state that “by focusing on core capabilities, the group has maintained profitable and cash-positive operations despite the challenging circumstances”.
The directors state that “the outlook for the group is bright. Management have adapted legacy trading models, optimising the business for the new hospitality landscape that is emerging from the pandemic period”.