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McDonalds takes €20m hit

Revenue at the Irish arm of  McDonald’s fell by €20.7 million last year due to the impact of Covid-19.mcdonalds0921
New accounts for McDonald’s Restaurants of Ireland Ltd show pretax profit fell by 70 per cent in 2020 to €6 million with revenue decreasing by 30 per cent from €69 million to €48.2 million.
During the period, the McDonald’s operation here was made up of 93 franchised stores and two owner-operated outlets, representing no change from 2019.
The company’s operating profit declined by 69 per cent to €6.35 million and a non-cash property impairment of €347,000 contributed to profits reducing further.

 

The directors state revenue and profit reduced due to the pandemic which resulted in restricted trading with all outlets shut from March 23rd, 2020, and gradually reopening as lockdown measures eased.
Despite the sharp drop in profit and revenue last year, the directors said “the company anticipates continued expansion of its operations in the Republic”.
 
 

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