Usit sees profits slump
Accounts filed with the Companies Registration Office show that Usit Ireland Ltd sustained the drop in pre-tax profits after revenues dropped by 12% from €7.95m to €7m in the 12 months to the end of Oct 31.
The group’s principal activity is the distribution of travel and work abroad programmes in Ireland to the student and youth sector.
The accounts show the group’s operating profit before depreciation and amortisation dropped by 27% from €1.8m to €1.3m. Pre-tax profits dropped by €177,604 from €629,394 to €451,790.
The accounts show that the directors paid a dividend of €1.3m last year and this follows a dividend of €3m to its parent company, the Kinlay Group, in 2010.
According to the directors’ report: “The directors are satisfied that the group business plan will withstand any risks and uncertainties that may arise.
“Despite a challenging economic environment, the group performed extremely well as it continued to drive business through niche and new products.”
The report continues: “Despite a challenging environment, the group continues to trade robustly as it adapts its offerings to meet the patterns of youth who are seeking out work, study and educational opportunities abroad. The group will continue to focus on the growth of niche and sustainable earnings.”
The numbers employed by the group last year fell from 91 to 84, with staff costs last year totalling €3.8m compared to €4.4m in 2010.
The figures show that non-cash depreciation and amortisation costs last year totalled €731,060.
The group’s selling costs last year totalled €2.94m compared to €3m in 2010 with administrative expenses totalling €2.7m compared to €3.1m in 2010.
Interest payments of €125,376 reduced the firm’s profits to €451,790.
At the end of the year, the group had accumulated profits of €371,188. Shareholder funds totalled €491,188. The group’s cash decreased from €3.1m to €1.2m during the year.
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