Revenues at the Irish arm of Trailfinders almost doubled last year to €19.44 million in what the company described as another “exceptionally difficult year” for the business.
Trailfinders Ireland Ltd reported losses of €908,317 in the 12 months to the end of February this year, though this is down 71 per cent on the 2020/2021 figure of €3.12 million.
Despite the sharp rise in revenues, they are still just a fraction of the firm’s pre-Covid-19 performance – revenues in 2019 were €98.9 million.
“2021/2022 was another exceptionally difficult year due to the impact of the Covid-19 pandemic,” the directors said, adding that they were “satisfied with the results of the company … in light of the difficult trading conditions”.
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Staff costs
They said the effect of the Covid-19 pandemic continued to be felt even during the current trading year in 2022.
Numbers employed by the company were down by 10 to 85, with staff costs stable at €3.89 million.
The company’s bottom line was assisted by €1.93 million it received in Government grants. Revenue Commissioner data shows Trailfinders Ireland Ltd availed of the Government employee wage subsidy scheme.
At the end of the financial year, the company had shareholder funds of €28.42 million, including accumulated profits of €20.8 million. Cash funds increased from €1.84 million to €5 million.
The directors said “the uncertainty caused by travel restrictions continues to present volatility”. But they added that the company’s future risks “are minimised by cautious management of cash reserves”.
They said “this ensures the company is always in a position to manage the unexpected, principally to weather any prolonged downturn in business but also allowing the company to acquire other business opportunities at speed”.
