Profits at e-tolling firm Easytrip breach the €1m barrier
One of the largest providers of e-tolling payment systems in the country, Easytrip, reported a pre-tax profit in excess of €1m last year. The move into the black reduced its retained loss to €3.6m and reverses a €404,000 loss it generated in 2009, according to recently filed accounts.
Easytrip Services, which is owned equally by French company Egis and Irish firm Electro Automation, is one of a number of companies that provide e-tolling systems commonly used by motorists when traversing the country's motorways.
Accounts for 2010 show that its gross profit topped €5m, up from just under the €4m it reported the previous year. Administration expenses declined to €3.7m from almost €3.9m. Adverse exceptional items during the year were just €98,000 compared to nearly €3.9m in 2009. Those exceptional items comprised impairments of investments. It had net cash of €8.9m at the end of its financial year.
Easytrip also operates car parking collection systems and earlier this year was awarded a contract by the Dublin Airport Authority to test a taxi management solution.
Electro Automation is owned by its joint managing directors, Pat Doherty and John Walsh. In its financial year ended October 2009, it made a pre-tax profit of €139,000 on turnover of €18.5m.