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.


More in this Section

British farmers at risk of ploughing lonely furrow

More currency volatility seems to be on horizon

Reform of local property tax flaws is overdue

Correlation between studying economics and greed


Breaking Stories

Independent News and Media chairman to step down in March

Higher number of American tourists expected to visit Ireland in 2018

HSBC pays $101m to US authorities in currency rigging probe settlement

Why a €45bn EU divorce bill is still a bargain for UK

Lifestyle

The biggest cancer killer will take your breath away

Hopefully she had an idea...

Power of the press: Meryl Streep and Tom Hanks discuss 'The Post'

More From The Irish Examiner