The organisation responsible for the National Car Test (NCT) has seen average weekly revenues of around €2m over the past year thanks to the growth in the volume of tests it carries out.
According to the updated financial statements of Applus Inspection Services Ireland Ltd, its profit before tax increased more than sixfold: from €1.02 million to €6.59 million for the reporting period.
This growth was accompanied by an increase in total revenue by 13.45%, from €90.97 million to €103.22 million, equivalent to an average annual figure of €1.98 million per week.
The improved financial performance is due to the additional 150,000 tests carried out (from 1.58 million to 1.73 million), which reduced the queue that formed during 2023.
The organization's management emphasized that “the annual operating results were successful due to the expansion of staff in all regional centers.”
To address the labor shortage, Applus has initiated a program to recruit skilled mechanics from the Philippines in 2024.
Following the productive year, €7.6 million in dividends were paid to shareholders. Management specifically noted that “no interim dividends were distributed in the previous reporting period.”
The cost of a full NCT check in 2024 was €55, and a repeat check was €28. After the January tariff increase, these amounts reached €60 and €40, respectively.
Applus's ten-year contract to manage NCT expired in June 2020, but the company retained the rights after successfully participating in a re-tender.
The number of employees decreased slightly from 849 to 843 people, while labor costs increased by 13.45% (from €43.05 million to €48.85 million).
Operating profit before interest amounted to €6.16 million with net finance costs of €428,380.
The calculations take into account non-cash items: depreciation charges of €4.64 million and additional costs of €200,000.
Net profit after tax amounted to €5.42 million, with corporate tax paid amounting to €1.17 million.
The revenue analysis shows an increase in NCT revenue from €84.19 million to €94.9 million, an increase in VRT revenue from €6.34 million to €7.92 million, while other revenue decreased from €436,124 to €375,642.
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The company's management said that current vehicle testing rates in 2024 are in line with projected values, given current market conditions.
Total payments to board members amounted to €339,476, including €296,480 in bonus payments and €42,996 in pension contributions.
The organization's share capital remained at €3 million, while cash reserves increased from €1.02 million to €2.2 million.
In 2024, the British investment group TDR Capital acquired a controlling stake in the Spanish Applus. TDR Capital's portfolio also includes the Pizza Express chain and the retailer Asda.
Sourse: breakingnews.ie
