Irish Car Rentals show profit rise

Pre-tax profits at car hire firm Irish Car Rentals increased by 42% last year to €1.92 million, new figures show.

Accounts just filed with the Companies Office show that Irish Car Rentals Ltd recorded the increase in profits after revenues decreased by 22 per cent from €23 million to €18 million in the 12 months to the end of August 31st last.

However, the prior period for was 15 months.

The returns show that the numbers employed by the firm last year increased from 91 to 102.

According to the directors’ report “the results for the year and the financial position at the year end were considered satisfactory by the directors”.

The firm has car rental locations at Dublin, Cork and Galway cities along with outlets at Shannon, Dublin, Cork, Kerry and Knock airports.

The car hire firm successfully exited examinership in 2010 after securing investment from the owners of the Thrifty car-rental franchise. Under the rescue scheme Irish Car Rental’s debts were written down by €11.3 million and the investors provided €1.29 million in funding.

The firm’s profits were hit by exceptional costs of €1 million in 2011.