Dublin Business School company sees profits hike

THE company that runs the Dublin Business School (DBS) saw pre-tax profits rise from €3 million to €3.1m in 2009.

The school is the largest independent third-level institution in Ireland and is based on Aungier Street in Dublin.

Accounts for Accountancy and Business College Holdings Limited for the year to the end of December 2009 show turnover in the year was up slightly from €25.9m to €26.1m. Gross profits however fell from €17.7m to €17.4m. Operating profit was up from €2.6m to €3m.

Directors are listed as Gerry Muldowney, Donal Quill and Susan Paton. They have paid an interim dividend of €5,650,000, according to the accounts.

Among the risks listed by the company are the loss of key senior personnel and economic changes causing demand for educational courses in business subjects and related areas to fall. The group faces strong competition for foreign students and it said if it fails to compete successfully, market share and hence profitability may decline.

“The group has long experience of coping with these risks, while delivering superior performance,” the accounts read.

The school increased its lecturing staff by seven to 118 in the year but administrative staff numbers fell by three to 106.

Staff costs in the year were up slightly from just over €12m to €12.9m.

Directors remuneration in the year was down slightly from €437,728 to €428,417.

During the year rent of €634,750 was paid by the company to Supray Limited.

The college, owned by the Washington Post newspaper company, took over its principle rival, Portobello College, in 2007, from its founder Ray Kearns for an undisclosed sum.

DBS, which was set up in 1975 and sold to the Washington Post in 2003, has made several acquisitions of smaller colleges in the past. The takeover of Portobello makes DBS the largest private third-level college in the country.

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