Pre-tax losses at coach firm, Aircoach last year dramatically reduced to €773,000 after a jump in revenues to €18.1m.
Figures lodged with the Companies Office show Last Passive Ltd which operates Aircoach reduced its losses by 76% from €3.2m to €773,000 in the 12 months to the end of March 29 last year.
This followed revenues increasing by 11% from €16.28m to €18.1m.
According to the directors’ report, “the company remains ideally placed to benefit from the planned liberalisation of public transport markets both in the Republic and Northern Ireland.
“The company will also be aggressively exploring all opportunities to develop its scheduled service business and contract bus operations during the forthcoming year.”
Aircoach managing director, Allen Parker said yesterday, “the upturn in the economic environment and our ongoing investment in our services has been a positive influence during 2015.
“We continue to invest in new coaches and service developments while offering passengers the lowest prices on travel to and from Dublin Airport from Cork, Belfast and Dublin City.”
The firm’s directors’ report says “Aircoach’s revenues have increased due to the expansion in the previous period to include the non-stop express services on two major corridors and as a result of the improving general economic climate.”
Numbers employed by Aircoach last year rose from 190 to 195 made up of 186 operatives, five in administration and four in management.
Staff costs last year reduced from from €7.8m to €7.4m.
The loss last year takes account of fleet rental payments of €2.3m and directors’ remuneration of €203,000.
A note attached to the accounts states that at the end of March last year, the company was loss- making and had cash of €4.7m.
The note states that: “The directors have considered the going concern assumption given the current uncertainty of the economic climate and have formed the conclusion that there is a reasonable expectation that the company will continue to operate in the foreseeable future.”
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