Paddywagon drives up profits to €1.2m
Independent tour firm Paddywagon last year enjoyed another bumper year as pre-tax profits increased by 6pc to €1.2m.
New accounts filed by Paddywagon Ltd show that the company achieved the profit increase as revenues went up by 9pc from €10.34m to €11.26m.
The pre-tax profit of €1.22m in the 12 months to the end of October and marked a rise from €1.15m in 2016.
In a year of expansion for the firm, the numbers employed by the business last year went up by 32pc, from 83 to 110 as staff costs increased from €2.47m to €2.77m. The company last year recorded operating profits of €1.365m and paid interest charges of €139,876.
The company's cost of sales totalled €4.38m while the firm's administrative expenses amounted to €5.5m.
The business was established by Cathal O'Connell in 1998 and throughout the year, the company's fleet of green coaches criss-cross the country between tourist hotspots.
The firm's clients range from students to professionals, families to corporate executives and from the cast of Dallas to the Imperial Royal Family of Japan.
At the end of October last, the firm's accumulated profits stood at €2.78m - during the 12-month period the firm's cash pile increased from €1.24m to €2.09m.
The profit last year takes account of hefty non-cash depreciation charges of €904,301 - up on the €746,964 in depreciation charges in 2016.
The business last year continued its expansion as it paid out €579,480 for new assets. This followed a payout of €457,803 under the same heading in 2016.
Remuneration for directors last year reduced from €155,246 to €150,000.
It recorded post-tax profits of €1.04m after paying corporation tax of €184,448.