Profits at Euro Car Parks group doubled last year – CEO
The chief executive of one of the country's largest private car park operators, Euro Car Parks, yesterday confirmed the group doubled its profits last year.
David Cullen was commenting yesterday on figures for 2011 for Euro Car-Parks' two firms, which show that they sustained a 41pc drop in combined profits from €182,370 to €105,931.
Mr Cullen said the drop in profits in 2011 arose from a €1.1m investment in the purchase and fit-out of a new HQ for the company. "2011 can be described as stagnant. Last year was good with a doubling in profits, and this year is looking excellent."
Mr Cullen said the business had its busiest January in six years. "We are seeing green shoots in the business for the first time in three years," he said.
The firm employs 157 and Mr Cullen said: "We have never made fortunes, but our business has been steadily increasing and we are in very good financial health."
The firm owns and manages 60,000 car-park spaces across the country, managing the largest number of car-spaces in Ireland. Mr Cullen said that there was a 5pc growth in business in 2012.
Figures for the business's main firm, Euro Car Parks (Ireland) Ltd show that the firm's gross revenues increased by 10pc from €8.6m to €9.5m in the 12 months to the end of December 2011.
In spite of the rise in turnover, profits decreased sharply from €252,000 to €65,485. This compares to connected firm, Euro Car-Parks (Ireland) Holdings Ltd, which recorded a profit of €40,446 that followed a loss of €69,630 in 2010.
"Our solid balance sheet financials continue to prove attractive to potential customers and landlords. We intend to continue to grow our portfolio of management of retail, hospital, rail and public car-parks whilst anticipate further growing our on-street business," stated the directors' report attached to Euro Car Parks (Ireland) Ltd.
The firm had accumulated profits of €882,329 at the end of 2011. Staff costs increased by 5pc from €3.8m to €4m, with emoluments for the four directors rising from €116,747 to €124,550.