Boojum, the popular Mexican fast-food chain, has reported soaring revenues of €27.46m, a 29% increase in the year ending August 2019. Directors of the company declare that the outlook is bright, despite uncertainty surrounding the pandemic, and attribute the profits to expansion and innovation. With 22 restaurants across Ireland and the UK, Boojum continues to grow in popularity, leading to plans for further expansion in the near future. This impressive surge in revenue is a testament to the effectiveness of Boojum’s business strategy and the eagerness of customers to sample their delicious Mexican cuisine.
The Boojum chain of Mexican burrito restaurants’ directors have expressed optimism regarding the group’s future, citing a revenue increase of 29% to £24.06m (€27.46m) in the previous year. However, pre-tax profits declined by 10% to £1.73m (€1.97 million) in the 12 months to the end of April last, despite an overall revenue increase of €6.16 million from €21.24 million to £27.41 million. The cause for the profit reduction is mostly attributed to a significant decline in Covid-19 wage subsidy payments, falling from £1.92 million to £214,245. The directors recounted a successful year for the business, including the opening of a new store, and recorded revenues of €1.7 million in the Republic of Ireland and £8.7 million (€9.937,871 million) for Northern Ireland. The company had an increase in the number of employees from 332 to 376 with staff costs going up from €7.4 million to €8.39 million. Directors’ pay increased to £240,239. The directors attributed the favourable conditions and improved performance over the past year to factors such as the easing of Covid-19 trading restrictions and the opening of a new store. Nevertheless, four stores have remained closed for over a year due to the pandemic, with two of the stores permanently shut within the year. The directors emphasised the importance of a digital and omni-channel approach to maximise sales and revealed that the group has maintained profit and cash-positive operations during tumultuous times. Overall, the directors expressed a positive outlook for the group, which remains cautiously optimistic about the recovery of key market metrics such as consumer spending, retail activity, and office occupancy.
In conclusion, the news of Boojum’s impressive Q1 revenue increase to €27.46m is certainly something to celebrate. With Directors declaring an optimistic outlook for the future, it is clear that the beloved burrito chain remains a staple in Ireland’s growing food industry. As the company continues to expand and innovate, we look forward to seeing what exciting developments lie ahead for Boojum and its loyal customers.
