Topflight is a leading ski tour operator and the operating profits at Tony Collins Travel Agency Ltd jumped after revenues increased by €13.97m or 42pc from €33.28m to €47.25m in the 12 months to the end of October last.
It is now 40 years since Topflight chairman Tony Collins set up his first travel agency on Dublin’s Dorset Street in 1984 and he began selling ski holidays later that decade.
The revenues for the group last year top pre-Covid-19 revenues of €45m in 2019. The pandemic decimated the group’s business revenues in 2021 when revenues had plunged to €950,484.
New consolidated accounts show that the travel operator’s pre-tax profits declined by 7pc from €1.13m to €1.04m.
The chief factor in the decrease in pre-tax profits was €793,983 in non-recurring costs made up of professional fees of €374,883 and non-cash impairment of goodwill of €419,100.
Numbers employed increased from 85 to 100 as staff costs increased from €2.22m to €2.56m – including directors’ remuneration almost doubling from €371,461 to €718,617.
The figures show 48 are employed at “resort”; 27 in operations; 14 in sales and marketing; eight in finance and three directors. The directors state they “are satisfied with the performance of the group for the year and the state of affairs of the group at the year-end date”.
On the group’s future developments, they state the development and consolidation of the group’s existing activities will be the main area of attention.
During the year, the group had overseas branch operations during the year in Austria and France but no geographical breakdown of revenues is provided as “this would be seriously prejudicial to the company’s interest”.
The group achieved the jump in operating profits despite zero monies received under Government grants compared to €1.25m received under that heading in 2022.
It recorded a post-tax profit of €881,759 after incurring a €166,834 tax charge.
The profits last year take account of combined non-cash amortisation and depreciation costs of €476,683.
The group also incurred a loss of €247,027 on foreign currencies and €149,722 concerning the non-cash amortisation of goodwill.
Cash funds increased sharply from €9.86m to €14.26m.
