Business Irish

Monday 16 December 2019

Profits triple to €2.5m at Griffith College group

Griffith College's president, professor Diarmuid Hegarty
Griffith College's president, professor Diarmuid Hegarty

Gordon Deegan

Profits at the group that operates Griffith College in Dublin last year increased three-fold to €2.5m.

Established in 1974, the independently-owned Griffith College operates third level campuses in Dublin, Cork and Limerick.

The college educates more than 7,000 students, from 77 nationalities.

Accounts lodged with the Companies Office by Bellerophon Ltd, trading as Griffith College Dublin, show that the group recorded the sharp rise in profits after booking a €1.75m gain on finance restructuring.

The firm had disclosed in its 2014 accounts that the company's bank borrowings were fully discharged on July 31, 2014.

This followed the group in March 2014 successfully renegotiated a refinancing with Bank of Ireland and Bank of Scotland borrowings of the company itself and in respect of the Griffith Halls of Residence which the company has guaranteed. The company's revenues last year rose by 3pc to €20.67m.

At the end of June 30 last year, the group had shareholder funds totalling €20m. The firm's cash reduced from €2.8m to €2.02m.

Numbers employed by the group increased from 355 to 382 with staff costs increasing from €10.95m to €11.3m.

Numbers engaging in teaching, training and material preparation total 270 while 96 were engaged in clerical and administration with 16 engaged in maintenance, security and cleaning.

The accounts show that the group recorded an 18pc jump in operating profits in 2015 going from €968,359 to €1.14m.

However, net interest payments of €178,820 reduced the group's profits to €964,514.

The business booked the €1.75m gain on its post-tax profits €752,637 to give the €2.5m profit for the year.

Those on the board of directors are listed as President, Prof Diarmuid Hegarty, Reginald Callanan, Pierce Kent, Tomás Mac Eochagáin, Frank Scott Lennon, Ronan Fenelon, Daniel Hegarty and Patrick Sheehan.

Pay for directors last year increased marginally, from €586,962 to €600,776.

That figure was made up of €469,512 in remuneration and €131,264 in pension contributions.

The profit last year takes account of non-cash depreciation and amortisation costs of €680,645.

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