The Brinks Cash Services business last year recorded a pretax profit of €797,000 as a result of cost cutting.
Accounts show that Brinks Cash Services (Ireland) Ltd paid out €6.7 million in redundancy payments during the pandemic as numbers employed have reduced by 198, or 28 per cent, during that period.
The pretax profit of €797,000 last year follows the business recording pretax losses of €5.72 million in 2020.
Pre-Covid, the business recorded revenue of €44.9 million in 2019 and revenue for 2021 totalled €32.1 million – a drop of 28.5 per cent on pre-pandemic revenues.
The 2021 revenue of €32.1 million was 5 per cent down on the revenue of €33.9 million for 2020.
According to the directors’ report “the company has had to adapt to a very challenging operating environment in light of the Covid-19 pandemic, which has resulted in a reduction in the business size over the past two years”.
“Revenues stabilised in the year from prior year and the company is now seeking ways to regrow the business through technology solutions and digital payment offerings,” it said.
The directors added that “the blend of services the company is providing continues to evolve in line with customer requirements with outsourced cash management and technology-based solutions forming an increased proportion of revenue over conventional cash-in-transit services”.
The report said that “management has also continued to implement cost-control measures to ensure that the company has a viable and sustainable operating model into the future. The company has reported a return to profitability in the year as a result of these actions.”
Pre-Covid at the end of 2019, the firm employed 705 and numbers employed had reduced by 198 to 507 at the end of last year.
The company last year paid out redundancy of €1.1 million and paid out €5.6 million in 2020.
The firm’s wage bill last year totalled €13.27 million, compared with €24.6 million in 2019 – a decrease of 46 per cent.
Directors’ salary and pension contributions last year increased from €354,000 to €411,000.
The company’s pretax profit of €797,000 takes account of non-cash depreciation costs of €1.8 million.
The business recorded an operating profit of €915,000 and interest costs of €118,000 reduced profit to a pretax profit of €797,000.
At the end of December last, the firm had shareholder funds of €4.7 million. The firm’s cash funds reduced from €23.8 million to €9.72 million.
