Creche operator makes €200,000 loss

GIRAFFE childcare, one of the country’s largest creche operators, reported pre-tax losses last year of €206,764.

The results for the year to the end of April 2009 followed profits of €241,342 in the previous year, according to accounts filed by the firm.

The company, backed by technology entrepreneur Tony Kilduff, said it intends to continue to invest in providing the highest levels of quality childcare.

Giraffe has 19 childcare centres in the greater Dublin area.

The company made an operating loss of €92,830 in the financial year to the end of April 2009, compared with a profit of €382,072 in the previous year, according to accounts.

Turnover at Giraffe is not known, but the company’s gross profits were €14 million compared to €10.6m in 2008. However, its administrative expenses were €14.1m in 2009, up from €10.2m in the previous year.

The company employed 392 people last year, up from 283 the previous year, and its wage bill rose to €8.1m from €5.9m.

The accounts read: “The company’s objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities. The company’s policy is to ensure that sufficient resources are available either from cash balances, cash flows and near cash liquid investments to ensure all obligations can be met when they fall due.

“To achieve this the company ensures that its liquid investments are in highly rated counter parties; when relevant it limits the maturity of cash balances and borrows the majority of its debt needs under term financing.”

Directors’ remuneration was €329,479 in the year compared with €299,799 in the previous year.

The company is registered in Blackrock, Co Dublin.