Profits down at car-park operator
According to accounts filed by the British-owned Euro Car-Parks (Ireland) Ltd to the Companies’ Office, they show the company’s turnover — including the site owners’ share — decreased by 16% from €10.4m to €8.7m to the end of December 2009.
The company operates about 115 car-parks across Ireland and the filings show that the company’s turnover less the site owners’ share of income decreased by 13% from €7.2m to €6.2m.
The figures show that the company’s pre-tax profits dropped by €122,895 from €315,839 to €192,944 in 2009.
According to the directors’ report, the firm anticipates extending its range of parking management activities further and looks forward to the company growing its balance sheet surplus.
They state: “We intend to continue our growth into the management of retail, rail, public and hospital car-parks. Given the economic slowdown, we have capitalised on decreased property values in growing our lease and management business with the benefits being seen in 2010.”
The figures show that the company’s operating profits decreased by 40% from €341,037 to €203,940 in 2009.
The firm’s accumulated profits stood at €638,725 at the end of December 2009 and the figures show that the numbers employed at the company declined from 186 to 164 last year with staff costs declining by 15% from €5.3m to €4.4m.
The company’s cost of sales last year declined from €6.4m to €5.4m.
The directors state: “We believe that further opportunities will arise during 2011 as a result of the current economic conditions and our bankers have indicated their willingness to support us in any worthwhile acquisitions.
“We see the main uncertainty facing the company being any continued slowdown in property development, which will limit future opportunities. The corollary of this, however, will mean property values will remain lower thus presenting greater lease and purchase opportunities.”
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