Nationwide Controlled Parking Systems’ reserves grew by 60% last year

Car-park operator reported gross profit of €3.7m for 12 months to end of August 2016

NCPS operates car parks at more than 1,100 sites in Ireland: its four directors were paid a total of €313,202 during 2016. Photograph: Frank Miller

NCPS operates car parks at more than 1,100 sites in Ireland: its four directors were paid a total of €313,202 during 2016. Photograph: Frank Miller

 

The cash reserves at one of the country’s largest car-park operators grew by nearly 60 per cent to €1.2 million last year, while recording a gross profit of €3.7 million in accounts just filed to the Companies Office.

Nationwide Controlled Parking Systems (NCPS) Limited operates car parks at more than 1,100 sites in Ireland, which contain in excess of 100,000 parking spaces.

NCPS reported a gross profit of €3.7 million for the 12 months to the end of August 2016, representing an increase of 9.7 per cent compared to the previous year. Pre-tax profits also improved, amounting to €418,466 last year, compared to a loss of €112,846 in 2015.

This allowed the company to reduce its accumulated losses by almost 16 per cent, from €2.16 million to €1.81 million by the end of the 12-month period.

Five-year lease

In 2015, NCPS paid €475,000 to landlords to surrender a lease in respect of the company’s head office in Dublin 2. The original lease, which was signed in 2007, was for 25 years at a cost of €230,000 a year. A new five-year lease was signed, providing for a reduced rent of €65,000 a year.

It employed 111 staff during 2016, paying total wages and salaries of almost €3.2 million. The company’s four directors were paid a total of €313,202 during the same period. They are Jason Ballard, Ann Byrne, Victor Gibson and Thomas Harrington. The directors did not recommend the payment of a dividend to shareholders.