Friday 23 February 2018

Pre-tax profits up at Western Union

International revenues fell to $2.1bn at Western Union
International revenues fell to $2.1bn at Western Union

Gordon Deegan

Pre-tax profits at the main Irish arm of Western Union rose by 9pc to $38.39m (€34m) last year, new figures show.

According to accounts just filed with the Companies Office, revenues at Western Union International fell by 3pc to $2.11bn last year.

The firm paid a dividend of $78m in 2013 but none last year. In Ireland, Western Union employs over 100 people at its offices at Clonskeagh in Dublin.

Consumers transfer money to more than 500,000 Western Union agent locations in over 200 countries worldwide. The accounts state that the administrative expenses grew by 13pc primarily due to an increase in service fee payable to another group company, Western Union International Bank GmBH. The directors say that "the company is aiming to grow its business by focusing on increasing the number of productive new locations, de-registering non-productive locations, while also investigating new initiatives to embrace its existing services.

The firm recorded a post-tax profit of $33.6m after paying tax of €4.79m.

The numbers employed by the firm last year totalled 10 with wages and salaries amounting to $1m.

The firm's shareholder funds totalled $562.6m and the firm's cash stood at $131.8m.

Irish Independent

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