Profits speed up at Hertz despite dipping revenues
Pre-tax profits at the main Irish arm of Hertz last year increased by 21pc to €15.6m.
The increase in profits at Hertz Europe Service Centre Ltd came in spite of revenues at the company dipping by 3pc, from €62.72m to €60.63m.
Numbers employed by the company last year decreased from 925 to 800 - with staff costs reducing from €37.8m to €35.78m. The company provides centralised reservation, customer and accounting services to each of the firm's corporate European locations and also offers Europe Middle East and Africa licensee support.
The business covers the 'rent-a-car' divisions. The directors state that 2016 was another successful year for HESC.
They state: "We are continuing to invest in process improvement initiatives across all of our functions in order to further enhance the quality of the service we provide to fellow Hertz Corporation subsidiary undertakings." At the end of December 2016, the company had accumulated profits of €62.7m and shareholder funds of €80m. No dividend was paid in 2016.
The firm's cash pile decreased from €5.36m to €5.23m. The profit in 2016 takes account of combined non-cash amortisation and depreciation costs of €3.2m.
Emoluments to directors totalled €335,000 that included €260,000 in pay; €68,000 in 'other benefits' and €7,000 in pension contributions.