By Gordon Deegan
Wednesday, August 03, 2011
ONE of the country’s largest car-hire firms has reported a significant increase in business this year due to larger number of tourists in the country.
Accounts just filed by Dan Dooley Group show that pre-tax profits increased five fold to €349,756 in the 12 months to the end of November last.
However, a company spokesman confirmed yesterday that the company’s 2011 performance will show a much bigger increase in revenues and profits. "The company is having a much better year in 2011 with much better results."
The spokesman said that the family-owned company expects employee numbers to climb from 58 to between 65 to 70 this year.
The spokesman said that the group and the car rental industry went through a number of bad years. He said: "2007 and 2008 were horrendous."
However, the spokesman said that this year, the car rental market is a growing market with a smaller number of players.
The company provides car hire facilities at the main airports and operates a garage and car sales dealership at Knocklong, Co Limerick.
The abridged figures for the 12 months to the end of November last year do not provide a revenue figure and show that the company’s gross profit dropped from €4.97 million to €4.86m.
However, the prior period was for a total of 58 weeks.
The company’s operating profits last year more than doubled from €156,286 to €358,940. The profits took account of depreciation costs of €144,562.
According to the directors’ report "the garage outlets are expected to show little growth in the current climate. The company faces strong competition in the market and the directors will continue to trade successfully."
The group, which operates from over 20 locations around Ireland, last year benefited from lower interest payments of €36,637 compared to €130,855 the previous year.
The group had accumulated profits of €401,562 at the end of last year and had total shareholder funds amounting to €11.3m.
This appeared in the printed version of the Irish Examiner Wednesday, August 03, 2011