Operating profits at one of the country’s largest private car park operators last year more than doubled to €511,337.
New accounts filed by Nationwide Controlled Parking Systems Ltd (NCPS) show that revenues at the firm increased 23% to €15m in the 12 months to the end of August 2015.
However, it plunged into a loss before tax of €112,846 largely as a result of a €475,000 lease provision.
According to a a note attached to the accounts, the firm paid €475,000 to landlords to surrender the lease at the company’s head offices in Dublin.
NCPS is one of the country’s largest private car park operators, controlling over 1,100 sites and more than 100,000 parking spaces.
“The original lease was for 25 years signed in 2007. This was a mutual decision which has allowed the company to secure a new five-year lease on a reduced rent of €65,000 compared to the previously stated commitment of €230,000 per annum,” the company said.
The firm had net liabilities of €1.75m.
The firm said that the results showed it continues to be profitable.
The note with the accounts says that the business “secured a new consolidated loan facility with the bank in February 2015 which has allowed for sufficient funding into the foreseeable future”.
The new loan facility replaced all previous borrowings with the bank.
The pre-tax loss last year takes account of non-cash depreciation costs of €116,739.
Staff costs at the firm last year increased from almost €2.63m to €2.82m, while staff numbers increased from 86 to 89.
Directors’ pay increased by €68,057 to €341,138.
© Irish Examiner Ltd. All rights reserved