ParkMagic, the company behind pre-pay toll payment system tolltag.ie had accumulated losses of €2.7 million in the year to the end of March 2010, writes Suzanne Lynch.

However, chief executive of the Limerick-based company, Paul Fitzgerald, said this reflected continued investment in the company. He said ParkMagic was breaking even on a monthly basis. The company operates tolltag.ie, on-street pre-paid parking service in Cork city and Limerick; the booking engine for Quickpark, Aer Lingus and Bewley’s car parks at Dublin airport; some Q-Park car parks in Dublin.