Car-clamping firm returns to profit

The largest car-clamping firm in the country returned to profit last year in spite of revenues decreasing by 19% to €10.2m.

Nationwide Controlled Parking Systems manages 65,000 car park spaces in 750 sites across Ireland. Its clients include Irish Rail, Dublin City Council, Aldi, and Superquinn.

Accounts recently filed with the Companies Office show NCPS recorded a pre-tax profit of €327,025 in the 12 months to the end of August last year, after revenues declined from €12.6m to €10.2m.

This followed the firm recording a loss of €1m in fiscal 2010 after it provided for €1m owed by group companies and a €311,385 impairment on property.

The profit last year resulted in the shareholders’ deficit being reduced to €1.2m.

The directors attributed the drop in revenues to the company ceasing security- based services, with numbers employed declining from 211 to 91. Employment costs fell from €5.3m to €2.8m

According to the directors’ report, “the directors are hopeful the levels of parking management services can be maintained at current levels and that the difficult overall market conditions should still allow for the company to continue profitably in the coming years”.

A spokesman for NCPS said yesterday the absence of writedowns and provisions of group loans “along with a concerted programme of cost reductions and a concentration by management on its core activities, resulted in greater efficiencies and operating profits” in 2011.

NCPS recorded operating profits of €433,063 last year, but interest payments of €106,038 reduced profits. Cash increased from €194,085 to €233,598.