Euro Car Parks' profits down 39%

PRE-TAX PROFITS at a private car-park operator at hospitals and shopping centres across the country dropped by 39 per cent in 2009 to €192,944.

According to accounts recently filed by the UK-owned Euro Car Parks (Ireland) Ltd to the Companies’ Office, turnover – including the site owners’ share – decreased by 16 per cent from €10.4 million to €8.7 million in 2009.

The company operates about 115 car-parks across Ireland. Turnover less the site owners’ share of income fell 13 per cent from €7.2 million to €6.2 million.

Pre-tax profits dropped by €122,895 from €315,839 to €192,944 in 2009.

According to the directors’ report, having reviewed the company’s cost base and consolidated the business in 2009, the firm anticipates extending its range of parking management activities further and looks forward to the company growing its balance sheet surplus.

“We intend to continue our growth into the management of retail, rail, public and hospital car-parks. Given the economic slowdown, we have capitalised on decreased property values in growing our lease and management business with the benefits being seen in 2010.”

The figures show operating profits decreased by 40 per cent from €341,037 to €203,940 in 2009.