Profits are back in the fast lane at Aircoach operator
Aircoach enjoyed a dramatic turnaround in fortunes last year, recording pre-tax profits of just over €3m.
Figures lodged with the Companies Office show that Aircoach firm Last Passive recorded the pre-tax profits of €3.04m after incurring pre-tax losses of €773,000 in 2014. The firm also incurred a loss in 2013. However, it increased revenues by 20pc - from €18m to €21.83m -in the 12 months to the end of March 28 last.
The figures show that in spite of the rise in revenues, the firm's costs reduced from €18.88m to €18.79m.
According to the directors' report: "Aircoach's revenues continue to increase due to the previous expansion to include the non-stop express services on two major route corridors and as a result of the improving general economic climate."
The directors say "the company remains ideally placed to benefit from the planned liberalisation of public transport markets both in the Republic and Northern Ireland".
Aircoach is owned by UK-based Firstgroup plc and numbers employed by Aircoach fell from 195 to 191 last year and staff costs rose from €7.46m to €7.5m.
The profit takes account of fleet rental payments of €2m and directors' remuneration of €184,000.