Profits double at Irish arm of Western Union
Pre-tax profits at the Dublin based unit of Western Union last year almost doubled to $22.69m (€19.98m).
The 92pc jump in profits at Western Union Payment Services Ireland Ltd followed revenues increasing by 3pc from $814m to $833m (€760m) in the 12 months to the end of December last.
Numbers employed at the Clonskeagh offices increased from 436 to 446 with staff costs totalling $69m.
The sharp increase in profit came in spite of the firm sustaining redundancy costs of $7.3m - this followed $3.2m under the same heading in 2013.
According to the directors' report "transactions increased by 10pc year on year reflective of targeted pricing actions initiated in the year to stimulate volume".
They added that "locations fell by 1pc" as the growth of the network was offset by the continued focus on the closure of non-productive locations.
The directors point out that the revenue per transaction "has declined from $24.88 to $23.20 (€21.16) due to the pricing actions taken and the changes in the agent mix".
The accounts disclose that the firm paid a dividend of $20m during last year.
On the firm's future developments, the directors said that "the company is aiming to grow its business by focusing on increasing the number of productive new locations, de-registering non-productive locations, whilst also investigating new initiatives to enhance its existing services and to provide its customers with access to an expanding portfolio of payment services".
At the end of December last, the firm's shareholder funds stood at $51.47m that included $35.3m in accumulated profits.
The firm's cash increased from $98.96m to $102m.
The profit takes account of non-cash depreciation costs of $2.08m (€1.9m).
Globally last year, Western Union generated $5.6bn (€5.12) in revenues.