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.
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