Irish Car Rentals returns to profit

CAR-HIRE COMPANY Irish Car Rentals swung back into the black last year, following its successful exit from examinership in mid-2010.

Accounts posted at the Companies Registration Office for the Europcar, Alamo and National car rental franchise holder show the company had an operating profit of €2.5 million for the 15-month period to the end of August 2011. This compares with an operating loss of €3.2 million in the 19- month period to the end of May 2010.

The company made a gross profit of €5.2 million during the period, compared with €6.3 million during the previous 19-month period. Shareholders’ funds stood at just under €649,000 at year end.

The car-hire company was placed in examinership in February 2010 and emerged the following May after securing investment from the owners of the Thrifty car-rental franchise. Under the rescue scheme Irish Car Rental’s debts were written down by €11.3 million and the investors provided €1.29 million in funding.

The company employed an average of 91 staff during the year. The accounts state the principal risk and uncertainty facing the company is the economic downturn and the impact it may have on the company in the future.