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USIT sees 70pc drop in profits

STUDENT travel group USIT recorded a 70pc fall in pre-tax profits last year, mainly due to restructuring costs.

Pre-tax profit at USIT Ireland, which operates J1 trips and work-abroad schemes, fell from €2.1m to €629,394 for the year to the end of October 2010 and overall turnover fell 17pc from €9.6m to €7.9m. The group outlined that the fall in profit is largely due to the one-off decline on non-core accommodation-leasing business in UCD, which ceased in 2009. The accounts outline that despite a challenging economic environment, the group continues to "trade robustly as it adapts its offerings to meet the patterns of youth who are seeking out work, study and educational opportunities abroad".