DUBLIN-BASED tour operator Club Travel quadrupled profits to just under €6.5 million for the year to the end of October 2007, according to accounts just filed with the Companies Office. This boosted the company's accumulated profits to €20.6 million.
Accounts for Club Travel Ltd show that turnover rose to €108.9 million last year from €75.7 million in 2006 - representing growth of about 43 per cent.
This would seem to be the result of a decision to "hive up" the activities of two subsidiary companies.
Revenues from "continuing operations" was €85.2 million with the subsidiaries chipping in €23 million.
The accounts show that Club Travel's like-for-like operating profit almost trebled to €3.8 million during the 12-month period.
Its cost of sales rose to €97.8 million from €69 million a year earlier, while administrative expenses increased by 20 per cent to €6.5 million.
A dividend payment of €16,014 was made to the company's owners, down on the €168,286 paid in 2006. The group's tax bill almost trebled to €745,842 as a result of its bumper profit performance.
Club Travel is one of the biggest travel agencies in Ireland, carrying more than 100,000 passengers a year. Its headcount at the end of October 2007 was 128, up from 103 a year earlier. Staff costs rose by 19.5 per cent to €4.9 million, while directors' remuneration declined by about one-third to €500,789 from €743,368.
The sharp reduction in directors' earnings related to pension contributions, which amounted to €92,025 last year, compared with €449,853 in 2006. Club Travel's directors are listed as Liam and Helen Lonergan, who are also shareholders, and Colman Burke.
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