TNT cost-cutting helps profits triple to €2.1m
Last year was a good one for TNT Express here. Cost-cutting at the Irish arm of the international courier firm TNT Express contributed to pre-tax profits tripling to €2.1m in 2014.
The firm enjoyed the jump in profit despite a 3pc fall in revenues to €39m last year.
According to the directors, "revenue decreased by 2.9pc due to down-trading from one of our major customers. However, costs decreased significantly, resulting in an increased profit."
The firm paid a dividend of €10m in 2012, but paid no dividend last year.
Numbers employed at the Dublin-based company remained static at 201.
The cost-cutting at the firm did not affect employees' pay or their jobs, with the firm's salary costs remaining at €7m.
Emoluments for the firm's two directors, Ronald Judge and Brian Gallagher, increased from €482,189 to €528,863.
The profit last year takes account of non-cash depreciation costs of €364,063 and operating lease charges of €1.4m.
The figures show that the firm's operating profits increased by 192pc from €716,219 to €2m.
At the end of December last, the company had accumulated profits of €11.86m. The firm's net assets totalled €12.56m.
The firm achieved its reduction in costs, with cost of sales reducing by 9.5pc from €28m to €25.4m. The firm's administrative expenses increased only marginally from €11.46m to €11.57m.
A breakdown of the numbers employed show that there were 113 working in operations, 52 in sales and customer services, and 36 in finance, administration and management.
After paying corporate tax of €285,218, the firm recorded post-tax profits of €1.8m, the company's accounts added.