O’Leary flying high as personal taxi service firm remains profitable

Tillingdale Ltd’s financial performance last year may not be enough to persuade Michael O’Leary to leave the airline business anytime soon, but the Ryanair boss’s taxi firm remains profitable.

The firm provides a personal taxi service to Mr O’Leary and the figures show that its accumulated profits increased by more than 7% — from €582,637 to €624,144 last year.

Mr O’Leary and his wife, Anita, are Tillingdale Ltd’s directors and the firm provides a taxi service for Mr O’Leary to his workplace at Ryanair’s Dublin Airport headquaraters from his home in Mullingar.

Mr O’Leary’s purchase of a taxi plate sparked outrage and amusement in 2003, allowing the Ryanair chief executive to travel to work on the 174km round trip in taxi and bus lanes.

However, the enterprise is perfectly legal as long as Mr O’Leary’s journeys are metered and the vehicle has a driver present.

The company — established in 2000 and which also provides horse breeding services — is wholly owned by the O’Learys.

Tillingdale’s cash decreased from €813,197 to €547,218 in the 12 months to the end of August last year. But, in spite of the drop in cash, the firm’s balance sheet strengthened with net assets increasing from €582,640 to €624,147. This followed a large drop in the company’s creditors, decreasing from €482,162 to €204,590.

The figures also show that the value of the firm’s motor vehicle tangible asset had been reduced to nil through depreciation at the end of August last.

© Irish Examiner Ltd. All rights reserved

More in this Section

Pierre Moscovici: Avoid any more economic ‘bubbles’

Merger of Tyco and Johnson Controls in Cork to deliver $150m of tax savings

Apple to appeal $625m ruling over patent

Vodafone Ireland sees strong growth in Q3


You might also like

Breaking Stories

Can you guess what the 10 most tweeted about video games are?

You'll soon be able to exchange your cracked iPhone for cash towards a new one

Alexa Chung teams up with M&S for archive-based fashion collection

Honda to recall 5.7m cars in exploding air bags alert

Lifestyle

If you wonder why you are still together you could be in a zombie marriage

Ask Audrey has been sorting out Cork people for years

Singer Louisa Allen is ready for a new beginning as Foxes

There is very little help for breastfeeding mothers in ireland

More From The Irish Examiner