Profits at Domino’s pizza franchise climb 16%

Profits at Domino’s pizza franchise climb 16%
Pizza group Domino’s largest Irish franchise saw pretax profit increase by 16 per cent to €12.25 million last year.

Shorecal, which operates about 30 of the 86 Domino’s outlets across the State alongside outlets in Northern Ireland, saw revenue rise by 9 per cent to €60.26 million in the 12 months to December 26th.

The business generated sales of €40.7 million in the Republic and €19.49 million in Northern Ireland.

The business, which is majority owned by the Belfast-based Caldwell family, paid a dividend of €20.24 million, up sharply on the €89 million payout the previous year.

Domino Pizza Group, the listed company that runs the pizza chain in Britain and Ireland, took a 15 per cent stake in the Shorecal business in 2019 for €12.5 million. The Bronfman family from the United States, whose wealth was originally derived from Seagram whiskey, also owns about a third of the business.

The directors state that both the level of business and the end-of-year financial position were satisfactory. Covid-19 continues to have a negative effect on its trading activities, they added.

Numbers employed by the group were down 74 last year, at 442 people as staff costs increased 6 per cent to €10.49 million.

The profit takes account of non-cash depreciation costs of €1.4 million. Accumulated profits stood at €27.87 million at year end as its cash funds increased sharply from €15.2 million to €27.5 million.