Pre-tax losses at private bus operator Aircoach this year reduced by 60 per cent to €1.19 million as the business started to recover from the Covid-19 pandemic.
New accounts filed by Last Passive Ltd show that in the 12 months to the end of March this year the business reduced its pre-tax losses from €3 million to €1.19 million, as its revenues increased more than three-fold from a record low of €3.69 million to €12.12 million.
Underlining the impact of Covid-19 restrictions on the business, the firm recorded combined lost revenues of €42.7 million across the two pandemic-hit years up until March 26th, 2022. Pre Covid-19, the business recorded annual revenues of €29.3 million.
Commenting on the new accounts, chief executive Dervla McKay said the 12 months to the end of March this year "was still a loss making year for the business as a result of the Covid-19 pandemic and ongoing travel restrictions".
Ms McKay said: "However, we saw a decrease in losses compared to the preceding year. Following the removal of the majority of Covid-19 restrictions in early 2022, we have continued to increase our services to meet the greater demand for travel on our Dublin, Cork, Galway and Belfast routes.”
She added: "We expect this year to be a much more positive year for the business following the return of events and growth in international travel, in spite of the difficulties posed by fuel price hikes and staff shortages currently facing the transport industry.”
The business provides a range of high frequency coach routes to and from Dublin Airport and Dublin city centre, including non-stop services linking Dublin Airport to Cork, Belfast and Cork.
The firm this year received €3.3 million in Government wage subsidy scheme payments.
Numbers employed by the business – which is owned by the UK headquartered Firstgroup plc – reduced from 202 to 184, as staff costs declined by €1 million from €7.9 million to €6.9 million.
On the firm’s future developments, the directors state that based on current measures and cost reductions made in response to lower demand, they are hopeful of a resilient financial performance while these arrangements remain in place.
They state: “However, there remains a continued level of uncertainty regarding the out-turn for the next financial period and the ability to pay a dividend.”
At the end of December last, the firm had accumulated profits of €26,000. The firm’s cash funds increased from €1.3 million to €1.56 million.
In October the firm confirmed it had acquired the Derry-based coach operator Airporter.
The deal will see Aircoach expand its commercial operation and increase its daily routes to seven with a new all-island route connecting Derry to Belfast International Airport, Dublin Airport and Dublin city centre.
