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