Irish Arm Of Travel Firm Trailfinders Records Pre-Tax Losses For Last Year
The Irish arm of travel firm Trailfinders has recorded pre-tax losses of €3.1 million for last year.
As reported by The Irish Independent, this followed revenues at Trailfinders Ireland Ltd decreasing by 90% from €98.98 million to €10.19 million during the 12 month period that ended on February 28, 2021, due to the COVID-19 pandemic.
The company's pre-tax losses of €3.1 million last year reportedly follow pre-tax profits of €6.17 million the previous year.
"An Exceptionally Difficult Year"
The directors reportedly stated that the 2020/21 financial "was an exceptionally difficult year due to the impact of the COVID-19 pandemic", but that they are satisfied with the results for the year "in light of the difficult trading conditions".
The accounts reportedly also reveal that the company received €1.32 million in government grants last year, and Revenue Commissioners' figures published reportedly show that Trailfinders Ireland Ltd availed of the government Wage Subsidy Scheme during the year under review.
The number of people employed by the company reportedly decreased from 99 to 95 during the 12 month period while staff costs decreased from €5.18 million to €3.9 million.
Impact Of Pandemic Continues To Be Felt
The directors reportedly stated that the uncertainty surrounding the COVID-19 pandemic will continue to produce volatility, and that, as the balance sheet confirms, the company's future risks are minimised by cautious management of cash reserves.
The company's cash funds reportedly decreased from €6.72 million to €1.84 million during the 12 month period.
A note attached to the accounts reportedly states that the impact of the COVID-19 pandemic continues to be felt at the company even after the year end, and that the directors continue to take measures to monitor and mitigate the pandemic's impact "such as health and safety of our people".
Directors' Pay, Shareholder Funds And Accumulated Profits
Directors' pay reportedly decreased from €363,619 to €297,275 during the 12 month period, and, as of the end of February 28 of this year, shareholder funds reportedly amounted to €29.27 million, which included accumulated profits of €21.66 million.
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