Irish travel clouds: Operating profits down 66pc in Usit's 'challenging' year
Operating profits at travel firm Usit fell by 66pc to €447,152 last year. The company is best known for its role in arranging the summer itineraries of Irish students heading to the US for jobs in waitressing, hotels and other hospitality sectors under the J1 working scheme.
Gross revenues at Usit Ireland Ltd fell by 9pc, from €17.7m to €16.08m, in the 12 months to the end of October last. The firm recorded €15.1m of its gross revenues here and €921,702 in the UK last year.
According to the directors "despite a challenging economic environment, the group performed well in the current financial year as it continued to drive through niche and new products".
Net revenues last year fell by 13pc, from €5.59m to €4.83m.
The company recorded a pre-tax profits of €1.07m and this was largely as a result of an exceptional gain of €1.1m concerning the forgiveness of a company loan payable.
The company's selling costs last year totalled €1.89m and administrative costs totalled €2.49m.
The numbers employed rose from 69 to 73, made up of 62 in sales and operations and 11 in administration. Staff costs rose marginally from €2.8m to €2.87m.
At the end of October last, the company's shareholder funds totalled €1.5m. The cash pile rose from €335,140 to €810,097. The company's profits last year take account of combined non-cash depreciation and non-cash amortisation costs of €441,708.