Business Irish

Monday 26 February 2018

Profits at Western Union's main Irish arm up by 27pc to $63m

Gordon Deegan

Pre-tax profits at the main Irish arm of money transfer giant, Western Union, last year increased by 27pc to $63.3m (€52.2m), new accounts show.

According to accounts just filed by Western Union International Ltd (WUIL) to the Companies Office, they show that the firm recorded the increase in pre-tax profits in spite of revenues decreasing by 10pc from $2.5bn to $2.2bn in the 12 months to the end of December last year. Earlier this year, Western Union announced 35 new jobs on top of the 100 people they currently employ at their European Headquarters at Clonskeagh in Dublin.

The accounts show that the company had accumulated profits of €536m at the end of December 2011.

The $2.2bn in revenues generated by WUIL accounted for 40pc of Western Union's global revenues of $5.5bn in 2011.

The figures show that the Irish firm paid $9m in dividends last year.

The directors' report states that Western Union "is actively growing its business, which focuses on increasing the number of locations transactions".

The company's operating profit last year increased by 27.6pc from $48.9m to $62.4m.

The figures show that the company's cost of service last year dropped from $2.4bn to $2.19bn with administrative expenses increasing from $12m to $20m and the company paid $7m in corporation tax to the exchequer following $5m paid in taxes in 2010.

The filings show that the firm generated $1.6bn in money transfer fee revenues with an additional $580.8m in money transfer foreign exchange revenues.

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