Western Union profits increase 27%
Accounts just filed to the Companies Registration Office show Western Union International Ltd recorded the increase in pre-tax profits in spite of revenues decreasing by 10% from $2.5bn to $2.2bn in the 12 months to the end of Dec 2011.
Earlier this year, Western Union announced the creation of 35 jobs on top of the 100 people they currently employ at their European headquarters at Clonskeagh in Dublin.
The accounts show that the company had accumulated profits of €536m.
The $2.2bn in revenues accounted for 40% of Western Union’s global revenues of $5.5bn.
The Irish firm paid $9m in dividends last year.
The directors’ report states that Western Union “is actively growing its business, which focuses on increasing the number of locations transactions, whilst also investigating new initiatives to enhance its existing services and to provide its customers with access to an expanding portfolio of payment and other financial services”.
The company’s operating profit last year increased by 27.6% from $48.9m to $62.4m.
The company’s cost of service last year dropped from $2.4bn to $2.19bn with administrative expenses of $20m.
The company paid $7m in corporation tax.
The firm generated $1.6bn in money transfer fee revenues with an additional $580.8m in money transfer foreign exchange revenues.
The numbers employed at Richview Business Park at Clonskeagh increased by one to nine last year with staff costs dropping from $936,547 to $878,165.
The firm had cash at bank of $58.1m and cash equivalents of $140m.
The directors state that in order to avail of the business benefits of the European Payment Service Directive, approximately 50% of business activity was transferred to a fellow subsidiary, Western Union Payment Services Ireland Ltd on Nov 1, 2009.
The new entity has assumed responsibility for all money transfer activity in the European Community and European Economic area, they state.
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