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profits soar Dublin clamping firm made €400k-a-week last year

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The clamping firm said revenues increased by 12pc in 2019

The clamping firm said revenues increased by 12pc in 2019

The clamping firm said revenues increased by 12pc in 2019

The group that owns the clamping firm contracted to carry out clamping and parking enforcement in Dublin city recorded weekly revenues of almost €400,000 last year.

New accounts for Tazbell Services Group show that pre-tax profits last year increased by 44pc to €2.24m.

Revenues increased by 12pc from €18.43m to €20.59m - or €396,035 a week on average.

The group owns Dublin Street Parking Services (DSPS), which operates the clamping contract for Dublin City Council.

DSPS has operated the clamping contract since 2004 and in a normal year, DSPS tickets, clamps, relocates and stores around 60,000 vehicles in the capital.

In August of last year, DSPS secured a new €36.67m five-year clamping contract with Dublin City Council, with an option to extend year by year for a further two years.

Tazbell is the largest provider of outsourced parking enforcement services in the country.

The company manages around 50,000 on-street parking spaces for local authorities.

Its clients include Dublin City Council, Dún Laoghaire Rathdown County Council and South Dublin County Council.

The directors' report attached to the filed accounts details the impact Covid-19 has had on the business.

The directors claim the pandemic "has had an adverse impact on the operating proofs of the group in 2020".

They wrote: "During lockdown, turnover in car-parks was significantly less than comparative periods and in some cases, car parks were closed."

The directors said there are no other material changes in the group's other business units.

They explained that in response to the impact of Covid-19, management has implemented a range of new measures.

These include a reduction in operating expenses, the adoption of Government supports and deferral of loan repayments.

The directors say that they are satisfied with the performance for 2019.

Staff costs last year totalled €8.33m as the number of employees increased to 234.

Lease

Pay to directors, Thomas Dowd and Martin O'Gara increased to €396,513.

Shareholder funds last year totalled €7.8m - that includes cash funds of €6.4m.

The profits last year take account of non-cash depreciation costs of €307,281.

The company's operating lease costs increased from €3.48m to €4.1m.

Tazbell Services Group also owns Park Rite, which is the largest commercial car park operator in the country.

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