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Wednesday, March 26, 2008
THE operator of the Burger King franchise in Ireland saw profits fall nearly 13% last year.
Accounts filed for OKR Group, for the year to May 27, 2007, show pre-tax profits of €4.82 million, down from €5.53m in the previous financial year.
No specific reason for the fall in profits was given, though the company faced higher interest charges and earnings in 2006 were flattered by the gain on the sale of some property.
Turnover at the company, owned by the O’Leary family from Cork, rose to €42.9m from €38.2m. Burger King has around two dozen outlets in Ireland, located mainly in big cities.
Operating profits were flat at €5.4m despite the increase in turnover.
As no dividend was paid to OKR shareholders, shareholders’ funds at the year-end increased to €40.9m from €36.7m.
The number of people employed increased to 682 from 650 people.
Staff costs for the year increased to €15.4m from €12.3m, equivalent to €22,600 per employee.
Remuneration for the company’s three directors increased to just over €1m from €826,000.
Ireland forms a very small part of the Burger King Group. The company, which opened its first restaurant in Miami in 1954, has more than 11,000 outlets worldwide.
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