Profits dip at Joe Walsh parent firm

THE holding company of the Joe Walsh tour and travel group saw pre-tax profits fall slightly in 2002 after a dip in turnover.

Recently-filed accounts for Azulu Holdings show that pre-tax profits for the year to end December 2002 fell from €306,968 to €283,814 as turnover for the year dropped by just over €1 million to €48.7m.

The company is the parent of Joe Walsh Tour, Joe Walsh Pilgrimtours and a number of other subsidiaries, including a 50% stake of Hotel Tara in France and 50% in the foreign exchange service Joe Walsh Forex.

Though profits fell, the company’s shareholders were given a rise in the dividend from €126,974 to €150,468.

Azulu had 54 employees, mainly working in bookings and reservations.

The wages and salary bill fell from €1.58m to €1.45m, even though employment numbers were relatively stable.

The company’s directors - Margaret Walsh, Barry Walsh, Cormac Walsh and David Walsh - saw their fees for the year rise from €571,362 to €810,000, a 41% rise. The directors were paid salaries of €232,108.

The accounts show that Azulu and its companies are extremely profitable with more than €5m in cash and accumulated profits of just under €5m. Shareholders funds were €6.3m at the end of 2002.

One of the key businesses for the company is Joe Walsh Pilgrimage Tours, which claims 65% of religious travel in Ireland and flies around 40,000 people to Fatima annually.

Some years ago the company sold its package holiday company, Joe Walsh Travel to British firm First Choice.