By Gordon Deegan
Independent bus tour firm, Paddywagon last year enjoyed another bumper year as pre-tax profits increased by 6% to €1.2m.
Newly-filed accounts for Paddywagon Ltd show that the company achieved the profit increase as revenues went up by 9% to €11.26m.
In a year of expansion for the company the numbers employed by the business increased by 32% from 83 to 110 as staff costs increased from €2.47m to €2.77m.
The company last year recorded operating profits of €1.365m and paid interest charges of €139,876.
The business was established by Cathal O’Connell in 1998 and throughout the year, the company’s fleet of distinctive green coaches criss-cross the country to and from the country’s tourist hot-spots.
The firm’s range of clients go from students to professionals, families to corporate executives and from the cast of Dallas to the Imperial Royal Family of Japan.
As of the end of October last year, the firm’s accumulated profits stood at €2.78m. During the 12-month period the firm’s cash pile increased from €1.24m to €2.09m.
The profit last year takes account of hefty non-cash depreciation charges of €904,301 — up on the €746,964 in depreciation charges in 2016.
The business last year continued its expansion as it paid out €579,480 for new assets and this followed a pay-out of €457,803 under the same heading in 2016.
The company recorded post-tax profits of €1.04m after paying corporation tax of €184,448.