Revenues racing ahead at Dan Dooley's car rentals
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.