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Pre-tax profits at USIT travel firm soar 20-fold to €686k

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Summer work visas in the US are a major source of business

Summer work visas in the US are a major source of business

Summer work visas in the US are a major source of business

Pre-tax profits at specialist student and independent travel firm USIT rose 20-fold to €686,270 in 2013.

Accounts just returned to the Companies' Office show that USIT Ireland show gross revenues dipped by 15pc to €24.47m.

The drop in net revenues was at a lower rate of 6pc to €5.87m.

The pre-tax profit of €686,270 compares to a modest pre-tax profit of €32,778 in 2012.

The directors paid a dividend of €115,000 in 2013. The principal activity of the group is the distribution of travel and work abroad programmes in Ireland to the student and youth sector.

According to the directors' report, "Despite a challenging economic environment, the group performed extremely well as it continued to drive business through niche and new products."

The directors say that the group continues to trade robustly as it adapts its offerings to meet the patterns of youth seeking work, study and educational opportunities abroad.

The directors say that USIT's operating profit before depreciation and amortisation increased to €1.17m from €700,318.

A large factor behind the sharp increase in profits last year was the non-cash depreciation and amortisation costs declining from €692,926 in 2012 to €444,678 in 2013.

Numbers employed rose from 84 to 86 with staff costs declining from €3.57m to €3.4m. Directors' remuneration increased from €152,027 to €187,799 with operating lease rentals declining from €434,364 to €430,812.

Irish Independent