Hibernia College returns to profit as revenues increase

Online teacher-training company employs 82 staff, made profit of €507,000

Online teacher-training company Hibernia College returned to profit in 2018 to record pretax profits of €507,794.

Revenues increased by 8.3 per cent from €10 million to €10.89 million in the 12 months to the end of July 2018.

The pre-tax profits of €507,794 followed a pre-tax loss of €94,302 in fiscal 2017 – a positive swing of €602,096.

In a report accompanying the numbers, directors said the company had “refocused” on its core teacher-training activities after a restructuring.

They said the company “ continues to investigate opportunities to replicate its business model internationally and within other educational and training centres”.

Numbers employed by Hibernia totalled 82 and staff costs increased from €3.95 million to €4.189 million.

The directors are listed as Sean Rowland, Sara McDonnell and Sean Corkery and pay to directors decreased from €328,807 to €314,138.

Pay to key management personnel comprised of directors and other managers came to €861,190.

The company had a shareholders’ deficit of €2.3 million at the end of July 2018. The business’s cash increased from €5.7 million to €5.9 million.

The profit for the year takes account of combined non-cash depreciation and amortisation costs of €830,817.