Revenues racing ahead at Dan Dooley's car rentals
Published 01/08/2014 | 02:30
The chairman of one of the country's largest independent car rental firms said that the group is expecting to increase revenues this year by 8pc-10pc to over €20m.
Dan Dooley was commenting on new accounts showing that Dan Dooley Group Ltd last year recorded a pre-tax loss of €330,122. This followed a pre-tax profit of €525,625 in 2012.
However, Mr Dooley explained that the loss arose from an exceptional one-off non-cash cost of €689,701. He said: "The cost doesn't affect our bottom line." The figures show that the group recorded an operating loss of €80,879 that included the exceptional one-off cost.
However, before the exceptional cost is taken into account, the group recorded a profit of €608,822.
Revenues at the group last year increased by 12pc going from €17.5m to €19.6m and Mr Dooley said: "The industry and business went through a rough time between 2008 and 2012, but we are pleased with our performance last year. "
Mr Dooley said that The Gathering and income from the Army-Navy US football game in Dublin last year really helped with revenues.
Anticipating an 8pc-10pc jump in business this year, Mr Dooley said: "We have a strong balance sheet with cash of €2.3m." At the end of December last, the group's shareholder funds stood at €11.82m.
The directors' report states that they are of the opinion "that the company is in a position to further increase turnover in future years without any major increase in costs".
Remuneration for directors, Daniel, Patrick and James Dooley increased from €268,009 to €302,513.