USIT travels back into the black with 20-fold increase

Pre-tax profits at specialist student and independent travel firm Usit have increased 20-fold to €686,270 in 2013.

Accounts just returned to the Companies’ Office, show Usit Ireland Ltd recorded the huge rise in pre-tax profits in spite of gross revenues falling 15% from €28.7m to €24.47m. The drop in net revenues was at a lower rate of 6% from €6.23m to €5.87m.

The pre-tax profit of €686,270 compares to a modest pre-tax profit of €32,778 in 2012. The directors last year paid a dividend of €115,000. The principal activity of the group is the distribution of travel and work abroad programmes in Ireland to the student and youth sector.