O’Leary flying high as personal taxi service firm remains profitable

Tillingdale Ltd’s financial performance last year may not be enough to persuade Michael O’Leary to leave the airline business anytime soon, but the Ryanair boss’s taxi firm remains profitable.

The firm provides a personal taxi service to Mr O’Leary and the figures show that its accumulated profits increased by more than 7% — from €582,637 to €624,144 last year.

Mr O’Leary and his wife, Anita, are Tillingdale Ltd’s directors and the firm provides a taxi service for Mr O’Leary to his workplace at Ryanair’s Dublin Airport headquaraters from his home in Mullingar.

Mr O’Leary’s purchase of a taxi plate sparked outrage and amusement in 2003, allowing the Ryanair chief executive to travel to work on the 174km round trip in taxi and bus lanes.

However, the enterprise is perfectly legal as long as Mr O’Leary’s journeys are metered and the vehicle has a driver present.

The company — established in 2000 and which also provides horse breeding services — is wholly owned by the O’Learys.

Tillingdale’s cash decreased from €813,197 to €547,218 in the 12 months to the end of August last year. But, in spite of the drop in cash, the firm’s balance sheet strengthened with net assets increasing from €582,640 to €624,147. This followed a large drop in the company’s creditors, decreasing from €482,162 to €204,590.

The figures also show that the value of the firm’s motor vehicle tangible asset had been reduced to nil through depreciation at the end of August last.

More in this section

Price info
IE_180_logo
Price info

Subscribe to unlock unlimited digital access.
Cancel anytime.

Terms and conditions apply

Budget 2022 Logo

What impact will this  year's budget have on you and your business.

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day. PS ... We would love to hear your feedback on the section right HERE.

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up