Pre-tax profits soar at car park operator
Published 01/06/2015 | 02:30
The chief executive of Euro Car Parks said yesterday that the firm enjoyed a further increase in profit last year after profits increased almost four-fold in 2013.
Euro Car Parks is one of the biggest private car park operators in the country.
Dave Cullen confirmed that 2014 saw further reasonable improvement in profits with a similar increase expected in 2015.
Mr Cullen was commenting on new accounts filed by Euro Car Parks' two Irish entities showing almost a four-fold increase in pre-tax profits in 2013 to €273,889.
"Our shedding of unprofitable contracts in 2013 was beneficial whilst our strong financials have proven helpful in winning institutional contracts," Mr Cullen said.
"We have continued in our infrastructural investment in 2014 and 2015 so technically are offering improved services to potential clients."
The firm operates 70,000 spaces at 120 sites around the country.
The accounts filed for the two Euro Car Park firms show that the firms' combined gross revenues, including site owners' share of income, declined in 2013.
According to the directors' report, "the directors are confident of increasing our property holdings during 2015 as a result of some car park purchase opportunities coming to the market".
The directors believe "our solid balance sheet financials continue to prove attractive to potential customers and landlords and now gives us competitive advantage over some competitors which will also lead to increase in business".
At the end of December 2013, Euro Car Parks (Ireland) had accumulated profits of €1.1m.