Irish arm of Trailfinders posts €3.1m loss due to pandemic
Trailfinders' directors say they are satisfied with the results of the company for the year 'in light of the difficult trading conditions'.
The Irish arm of travel firm Trailfinders posted a pre-tax loss of €3.1m last year.
It comes as revenues at Trailfinders Ireland Ltd plummeted to €10.2m in its financial year for the 12 months to the end of February — amid the fallout from Covid-19 pandemic.
The €3.1m loss at Trailfinders compares with the pre-tax profit of €6.2m in the previous year.
The directors said in the accounts that the financial year “was an exceptionally difficult year due to the impact of the Covid-19 pandemic”, and said they were satisfied with the results of the company for the year “in light of the difficult trading conditions”.
The accounts disclose that the company received €1.3m in Government grants last year.
Revenue figures show that Trailfinders Ireland Ltd availed of the Government's wage subsidy scheme during the financial year. Staff numbers in the business fell slightly to 95 people, while staff costs fell to €3.9m from €5.2m.
The directors said that uncertainty about the course of the Covid-19 pandemic would continue to cause disruption for the business.
However, the directors said that its balance sheet was in good shape to help it get through the crisis.
During the year, the company's cash funds fell from €6.7m to €1.8m.
A note attached to the accounts said that the effect of the Covid-19 pandemic continues to be felt after the year-end. The note states that the directors continue to take measures to monitor and mitigate the effect of Covid-19 "such as health and safety of our people".
Total pay to directors fell during the year. At the end of February, shareholder funds amounted to almost €29.3m, including accumulated profits at €21.6m.
