Pre-tax profits rise at Griffith College group
Pre-tax profits at the group that operates Griffith College in Dublin last year increased by 13pc to €790,014.
Established in 1974, the independently-owned Griffith College operates third level campuses in Dublin, Cork and Limerick and educates over 7,000 students.
The students come from 77 different nationalities and in 2014, the college celebrated its 40th year educating students.
Accounts lodged with the Companies Office by Bellerophon Ltd, trading as Griffith College Dublin, show that revenues rose from €19.6m to €20m.
At the end of June 30 last year, the group had shareholder funds totalling €17.6m.
Numbers employed by the group rose from 336 to 355 with staff costs increasing from €10.54m to €10.95m. The main activity of the group is the operation of Griffith College.
The directors confirmed that they paid an interim dividend amounting to €40,082 and don't recommend the payment of a final dividend.
The directors disclosed that in March 2014, the group refinanced its Bank of Scotland borrowings with Bank of Ireland.
The directors stated that "the outcome of this refinancing is that the company's bank borrowings were fully discharged on July 31st 2014".
The group's accumulated profits last year totalled €3.2m while the group's cash pile declined from €3.15m to €2.88m.
The accounts show that the group recorded an 11pc jump in operating profits in 2014 going from €867,372 to €968,359.
However, net interest payments of €178,263 reduced the group's profits of €790,014.