Profits at Griffith College increase by 27%

Profits at Griffith College increase by 27%

Pre-tax profits at the firm that operates Griffith College last year increased by 27% to €3.38m.

Established in 1974, the independently-owned Griffith College operates third level campuses in Cork, Limerick and two in Dublin.

Accounts lodged with the Companies Office by Bellerophon Ltd trading as Griffith College show that the group recorded the sharp rise in profits after revenues increased by 8% from €23m to €24.9m in the 12 months to the end of June last.

The company paid out interim dividends of €237,193 last year and this followed a dividend payout of €197,104 in 2017.

Numbers employed by the group last year increased from 425 to 447 as staff costs remained static at €13.7m.

The number involved in teaching, training and material preparation increased from 275 to 300 while the company employed 123 in clerical and administration and 24 in maintenance, security and cleaning.

At the end of 30 June last year, the group had shareholder funds totalling €17.99m.

The firm’s cash more than doubled from €3.9m to €8.2m.

The firm recorded a 29% jump in operating profits in 2018 from €2.86m to €3.47m.

Net interest payments of €86,000 reduced the group’s profits to €3.38m.

Bellerophon recorded post-tax profits of €2.78m after paying out corporation tax of €599,754.

Those listed on the board of directors consist of founder and President, Prof Diarmuid Hegarty, Reginald Callanan, Tomás Mac Eochagáin, Frank Scott Lennon, Ronan Fenelon, Daniel Hegarty and Patrick Sheehan.

Pay for directors last year declined by 4% from €986,430 to €947,094 made up of emoluments of €561,171 and €385,923 in pension contributions.

The profit last year takes account of non-cash depreciation costs of €1.6m and impairment costs of trade debtors totalling €277,496.

The group’s cost of sales last year increased from €6.8m to €7.1m resulting in a gross profit of €17.7m. Administrative and distribution costs totalling €14m resulted in the operating profit of €3.47m.

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