Profits decline at O'Neill's ticket firm
Businessman John O'Neill has experienced a sharp decline in profits with his ticket retailing firm, tickets.ie.
New figures show that the business experienced profits of €53,117 last year.
That is according to new accounts filed by Mr O'Neill's Oshi Software Ltd, which show that the profits of €53,117 in the 12 months to the end of March last follow profits of €239,088 in the previous year.
The business has been no overnight success, with Mr O'Neill setting it up in 2004.
However, the firm can today boast that it is Ireland's largest independent ticket retailer and largest sporting ticketing retailer, with its website generating 9.1 million impressions per year.
The company processes 2.7 million tickets a year and has 370 stores across its retail network.
Accumulated profits at the end of March last year totalled €1.19m. The company's cash pile increased from €1.7m to €1.9m.
The company has enjoyed strong growth in recent years. At the end of March 2014, the company's workforce totalled 10 and its accumulated profits amounted to €367,988.
Currently, the company is busy being the main online ticket seller for the much higher number of GAA matches on due to the re-organisation of the Munster and Leinster hurling championship.
Numbers employed by the company last year increased from 22 to 23, with staff costs going up from €880,446 to €943,593.
Directors' remuneration last year increased from €163,131 to €176,977 that was made up of €161,977 in pay and €15,000 in pension contributions.
The accounts show that the company has received a grant of €21,500 from Enterprise Ireland.