Profits at car park operator rise 30%
Chief executive of Euro Car Parks (Ireland) Ltd, David Cullen, said yesterday that the company was happy with the performance, stating that results were similar in 2011.
“It was a reasonable performance in 2010. We have a steady conservative business and we have sacrificed margins for keeping people in jobs.”
According to the accounts recently filed by the British-owned firm to the Companies’ Office, the increase in profits was recorded in spite of gross revenues, including the site owners’ share, decreasing from €8.7 million to €8.6m in the year to the end of December 2010.
The site owners’ share of revenues increased from €2.5m to €2.6m, resulting in Euro Car Park’s revenues decreasing from €6.2m to €6m.
The company operates 165 car-parks across Ireland and the directors’ report states “despite the very difficult economic environment during 2010, we had some growth in our business during the year and added some significant contracts to our business”.
Mr Cullen said that the company operates car parks at seven hospitals, including Blanchardstown. “We are a management company and in 95% of cases, we have no say on car-parking charges.”
The report states that the directors are confident that the financial position of the company “will continue to improve as trading is expected to be profitable in the foreseeable future”.
Mr Cullen said: “We have experienced job growth and increased the size of our balance sheet.”
However, Mr Cullen said that 2012 “will be a difficult year”.
The company had accumulated profits of €839,473 at the end of 2010. Shareholder funds stood at €840,743, including €534,693 in cash.
The cost of sales decreased from €5.4m to €5.1m with administrative expenses increasing from €574,286 to €615,185.
Staff costs totalled €3.8m in 2010, compared to €4.4m in 2009.
Aggregate emoluments for the four directors was €116,747. The profit took account of depreciation costs in 2010 of €44,596.
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