The company that operates the Aircoach bus service saw a sharp rebound in passenger volumes and revenues in the aftermath of the pandemic last year but has warned that the environment remains “challenging” for transport companies amid volatile fuel prices.
Accounts filed for Last Passive Ltd, part of the British multinational private bus group Firstbus, show a reversal in fortunes for the coach operator in the year to the end of March. The company took a €25.6 million revenue hit in the first year of the pandemic due to travel and public health restrictions.
Turnover for the period to the end of March this year more than doubled to €26.2 million from €12.2 million in the previous year due to “a significant uplift” in passenger numbers, the directors said in a report attached to the accounts.
After tax, the company – which operates routes to and from Dublin city centre and Dublin airport as well as services to Cork and Belfast – swung to an almost €1.6 million profit compared with a loss of more than €1 million in the 12 months to the end of March 2022.
Aircoach received €105,000 in government Covid supports in the year, down from more than €3.3 million last year.
The directors noted that the effects of the pandemic were “no longer impacting the business as they did the previous year”.
“Recovery of air travel and tourism activities within Ireland has been strong throughout the financial year,” they said. However, they warned: “From a cost perspective, the environment remains challenging with fuel price volatility and higher inflation but this is being offset in part by growth in commercial and ancillary revenues.”
The Aircoach operator hired an additional 19 bus drivers last year, bringing total staff numbers to 202. The company’s wage bill increase from €6.7 million to nearly €8.4 million, and the directors warned that recruitment “remains difficult in a growing public transport environment”. They said that labour costs represent the “most significant element” of Aircoach’s operating costs.
The company has been approached for further comment.
