Griffith College annual profits treble to €2.5m

Profits at the company that operates Griffith College trebled last year to €2.5m.

Griffith College annual profits treble to €2.5m

Established in 1974, the independently-owned college operates third-level campuses in Dublin, Cork and Limerick and educates over 7,000 students, covering nearly 80 nationalities.

Newly filed accounts for Bellerophon Ltd — trading as Griffith College Dublin — show the group recorded the sharp rise in profits after booking a €1.75m gain on finance restructuring.

The firm had disclosed in its 2014 accounts its bank borrowings were fully discharged on July 31, 2014.

This followed the group in March 2014 successfully negotiating a refinancing programme with Bank of Ireland and Bank of Scotland.

This related to borrowings of the company itself and in respect of the Griffith Halls of Residence which the company has guaranteed.

Revenues for the 12 months to the end of last June increased by 3% to €20.67m and the company had shareholder funds of €20m. In the year, Bellerophon’s cash reduced from €2.8m to €2.02m.

Numbers employed by the company increased from 355 to 382 with staff costs rising from €10.95m to €11.3m.

Staff engaged in teaching, training and material preparation totalled 270, while 96 were engaged in clerical and administration and 16 in maintenance, security and cleaning.

The accounts show the group recorded an 18% jump in operating profit in 2015 to €1.14m. However, net interest payments of €178,820 reduced the group’s operating profit to €964,514.

Those listed on the board of directors are president, Professor Diarmuid Hegarty, Reginald Callanan, Pierce Kent, Tomás Mac Eochagáin, Frank Scott Lennon, Ronan Fenelon, Daniel Hegarty and Patrick Sheehan.

Directors’ pay last year increased marginally from €586,962 to €600,776. This was made up of €469,512 in remuneration and €131,264 in pension contributions.

The profit last year takes account of non-cash depreciation and amortisation costs of €680,645. The group’s cost of sales last year increased from €6.97m to €7.5m resulting in a gross profit of €13m.

Administrative and distribution costs totalling €12m resulted in the operating profit of €1.14m.

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