USIT pre-tax profits fall 70% with restructuring

STUDENT travel group USIT saw pre-tax profits fall 70% last year due to restructuring costs.

Pre-tax profit at USIT Ireland ltd plunged from €2.1 million to €629,394 while turnover for the year to the end of October 2010 fell 17% from €9.6m to €7.9m.

The fall in profit is largely due to the one-off decline on non-core accommodation-leasing business in UCD, which ceased in 2009.