Usit Ireland records slim pre-tax profit of €32,778

Usit Ireland, the travel service and work abroad programme providers to the student and youth sector, made a pre-tax profit of €32,778 on a turnover of €6.2 million in the year to the end of October, 2012.

This compared with a profit of €451,790 on a turnover of €7.2 million in the previous year.

Travel turnover is recorded at the margin earned rather than the amount invoiced to customers, in order to reflect the substance of the transactions.

Accounts just filed show that at the end of the period the consolidated balance sheet for the group showed shareholders’ funds of €456,712.

The group employed an average of 84 employees during the period, at a cost of €3.5 million.

This was approximately €250,000 less than the cost of employing a similar number of employees the previous year.

The directors with an interest in the group's parent, Kinlay Group Ltd, were Neil O'Leary, Michael Tunney and David Andrews.