Dublin-Based Tour Operator The Travel Department Records Decrease In Revenues For Last Year
Dublin-based tour operator The Travel Department, the primary activity of which is escorted holidays, has recorded a 95.6% decrease in revenues to €1.9 million for last year. As reported by The Iri...
Dublin-based tour operator The Travel Department, the primary activity of which is escorted holidays, has recorded a 95.6% decrease in revenues to €1.9 million for last year.
As reported by The Irish Times, new accounts filed by The Travel Department Ltd reveal that the firm experienced a pre-tax loss of €3.3 million last year. The firm reportedly experienced a pre-tax profit of €3 million in 2019
In A Position To Resume Operations
The firm's directors reportedly noted in the accounts that they believe that significant pent-up demand exists for the firm’s offering, and the group is in a position to resume operations as vaccination coverage increases, restrictions are lifted and the economy recovers.
The firm reportedly did not pay out a dividend last year, after paying out €3.12 million in dividends the previous year.
Irish And UK Revenues
The firm reportedly recorded Irish revenues of €1.59 million for year, which compares to €36.2 million in 2019, and UK revenues of €311,094, which compares to €7.29 million in 2019.
The firm reportedly received €581,773 in "other operating income" last year, which was consisted of government COVID-19 wage subsidy payments. The number of people employed by the firm reportedly decreased from 58 to 52 while pay to directors including pension contributions reportedly decreased from €135,015 to €99,928.
Measures To Combat The Financial Impact Of The COVID-19 Pandemic
A note attached to the accounts reportedly stated that the firm's directors put measures in place to combat the financial impact of the COVID-19 pandemic, including securing new equity and debt financing together with an interest payment holiday and loan covenant forbearance, negotiating with suppliers on settlement terms, refunds, and to carry forward prepayments and commitments to future tours.
Additional Short-Term COVID-19 Support
The note reportedly stated that the firm’s directors have obtained approval for additional short-term COVID-19 support in the form of the continuation of an interest holiday in 2021, continued forbearance in loan facilities and additional working capital facilities, and the directors said that they are confident of the continued support of their shareholders if required.
Shareholders' Deficit And Cash Funds
The firm reportedly had a shareholders' deficit of €521,946 at the end of December of 2020, and the firm’s cash funds reportedly decreased from €3.88 million to €3.06 million.
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