CAO firm records loss of €154k
The asset-rich Central Applications Office (CAO) plunged into the red last year to record a loss of €154,027.
The firm that operates the CAO system recorded the loss after income reduced by 4.5pc, from €2.78m to €2.65m in the year to December 2015.
The CAO firm recorded the loss of €154,207 after listing a profit of €266,846 in 2014.
Established in 1977 by universities and the Higher Education Authority, the CAO is a private company. The directors' report states the drop in income is mainly due to a decrease in income from application fees as a number of applicants availed of an early submissions discount.