Nationwide Controlled Parking Systems (NCPS), the State's largest parking services business, increased turnover by more than €1.5 million last year, to €11.46 million, but reported a loss of €208,095.
However, in accounts for the year to the end of August 2013, the directors state that trading operations were profitable in the 2014 year and that projections to November of this year forecast profits.
NCPS is owned by directors Jason Ballard and Steven Kingswell by way of holding company Sontegra Ltd. At the end of August 2013, NCPS had accumulated losses of €2.1 million and was in breach of bank covenants.
Luas park and ride
The company’s clients include
Dublin City Council
, Irish Rail, Aldi, the Dublin Docklands Development Authority, and UCD. Last year it was appointed to manage the Luas park-and-ride facilities.
The directors say in the accounts they are confident that improvement in the general economy and growing business will allow the company to profit comfortably in the coming years.
They say they are in active discussions with lenders and expect their continued support.
The 2013 results include a €70,000 impairment on freehold property and a €65,051 provision on an amount owed by group companies.
Freehold property
The impairment on freehold property, reducing its value to €261,430, is based on the selling price achieved for the property in July 2014.
During the 2013 year, the company employed an average of 90 people, up from an average of 80 the year before, with staff costs coming to €2.56 million (2012: €2.36 million).
Abridged accounts for Sontegra say it had net liabilities of €1.33 million at the end of August 2013. During the year it received €60,000 from NCPS and owed that company €1.16 million at year’s end.
NCPS, the accounts say, has indicated it will not seek repayment of the money for a least 12 months from the date of approval of the accounts. The accounts were approved in December 2014.
