Business

Saturday 7 December 2019

Immobilised: Owner of Dublin city clamping firm sees 11pc dip in profits

Going nowhere: A clamper immobilises a vehicle in Dublin
Going nowhere: A clamper immobilises a vehicle in Dublin

Gordon Deegan

The group which owns the clamping firm contracted to carry out clamping and parking enforcement in Dublin city recorded an 11pc decrease in pre-tax profits to €1.55m last year.

Tazbell Services Group DAC owns Dublin Street Parking Services (DSPS) Unlimited which operates the clamping contract for Dublin City Council (DCC).

The Dublin-based group recorded the profit drop as revenues increased by 3.5pc to €18.43m.

The group also suffered a 6pc increase in its administrative expenses to €17.1m from €16.12m.

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DSPS has operated the clamping contract since 2004 and each year tickets, clamps, relocates and stores in the region of 60,000 vehicles in the capital.

Last August, DSPS secured a new €36.67m five-year clamping contract with an option to extend year by year for a further two years with Dublin City Council.

Last year, DCC recorded revenue of €27.9 million from parking fees and a further €3.2 million in clamp release fees. The standard clamp release fee is €80.

Tazbell Services Group is the largest provider of outsourced parking enforcement services in the country and manages around 50,000 on-street parking spaces.

Tazbell's staff costs decreased last year by €50,000 to €8.35m. Pay to directors Thomas Dowd and Martin O'Gara totalled €375,914 while key management personnel received €713,502.

The firm last year paid out €515,000 in dividends, having paid a €300,000 dividend in 2017.

The directors state that they are satisfied with the performance of the group.

Shareholder funds totalled €6m, including accumulated profits of €5.5m.

Irish Independent

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