The Irish arm of Trailfinders returned to profit this year as revenues increased more than five fold to €103.26 million. New accounts show that Trailfinders Ireland Ltd recorded pre-tax profits of €6.34 million in the 12 months to the end of February this year as revenues rebounded from the impact of Covid-19 air travel restrictions.
During the 12 months revenues at the travel firm increased by €83.8 million or 431 per cent from €19.44 million to €103.26 million. The €6.34 million pre-tax profit this year followed a pre-tax loss of €908,317 in the prior year – a positive swing of €7.25 million.
A note from the directors with the accounts said that “2022/23 was a year of rapid recovery for the travel industry, with business rebounding to surpass pre-pandemic levels after the lifting of many travel restrictions in 2022″.
The note said that they were satisfied with the results of the company for the year.
The revenues are also an increase on the business’s revenues of £86.23 million (€100.4m) in the last pre-pandemic year of the end of February 2020.
Separate accounts for Trailfinders’s UK business show that the Irish business made the stronger comeback this year with UK revenues increasing by 359 per cent to £858.7 million.
The UK business made charitable donations of £5.7 million this year. Sir Mike Gooley set up the business in 1970 and today, aged 86. remains a director and chairman of the group.
The directors for the Irish unit state that the company’s operations are subject to numerous risks such as currency movements, terrorism, civil disruption, industrial action, disease, adverse weather conditions and other natural phenomena. They state that the worldwide impact of Covid-19 has largely diminished as governments have removed travel restrictions.
They said they consider the “cautious management of our cash reserves to be of paramount importance and this continues to be reflected in the balance sheet”.
The firm’s shareholder funds increased to €33.94 million that included accumulated profits of €26.33 million. The firm’s cash funds more than doubled from €5 million to €12.35 million. The directors said this allowed the company to manage all the aforementioned risks and weather any prolonged downturn in business.
Numbers employed at the business this year decreased from 85 to 78, made up of 65 travel consultants and 13 in management and administration. Staff costs increased by 17 per cent from €3.89 million to €4.55 million.
Directors’ pay increased from €301,384 to €322,148, made up of €307,051 in remuneration and €15,097 in pension contributions. The firm recorded post-tax profits of €5.5 million after paying corporation tax of €825,968.
