Tuesday 23 January 2018

Holiday firm's £1m anti-Brexit donation as Irish revenues soar

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Gordon Deegan

Revenues at the Irish am of Trailfinders last year rose by 11.5pc to £75.33m (€84.26m) as pre-tax profits soared.

New accounts show that the Irish unit was second only to the UK business with revenues increasing from £67.5m in the 12 months to the end of February 28 this year.

The accounts also disclose that the company made a £1m donation to the 'Britain is Stronger in Europe Campaign' that was on the losing side in the UK referendum vote on Brexit in June of last year.

Revenues across the group last year increased by 7pc, going from £682.4m to £728.15m, with the Irish business accounting for 10pc of Trailfinder's global revenues.

The firm operates shops in Dublin, Cork and Limerick.

The consolidated accounts for the UK, Irish and 'rest of world' operations do not provide the level of profit recorded by the Irish subsidiary last year.

However, the Irish business contributed to the group recording pre-tax profits of £24.2m - an increase of 24pc on the £19.55m profits in 2015.

The company's UK operation accounted for 89.5pc, or £652m, of the company's business.

The numbers employed by the group last year increased marginally from 1,057 to 1,095.

Staff costs rose from £41.46m to £42.4m.

The profit takes account of £3.46m in non-cash depreciation costs. The profit also takes account of a £10m gain in the value of the company's financial assets.

The accounts also record that Trailfinders' cost of sales increased from £589m to £628m.

The group's accumulated profits at the end of February last year stood at £263m - the group had £226m in cash at the end of the year.

The company was established by former SAS soldier Mike Gooley in 1970 with a staff of four.

The accounts show that the group made charitable contributions totalling £3.75m to the Mike Gooley Trailfinders Charity.

Irish Independent

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