Specialist student and independent travel firm Usit last year more than doubled its pretax profits to €2.1 million in spite of a slight fall in turnover.

Accounts filed with the companies office show Usit Ireland Ltd increased its pretax profits from €994,227 to €2.1 million in the year to the end of October 2009.

Usit was rescued from examinership in 2002 after struggling after the 9/11 attacks. Its latest returns show that turnover last year dropped by 2 per cent from €9.8 million to €9.6 million.

The chief factor in the increase in profit last year was a 21 per cent drop in the company’s administrative costs. The accounts show its operating profit before depreciation and amortisation rose by 33 per cent to €2.9 million. The returns show that the numbers employed by the company in 2009 fell from 110 to 92.

The company’s pretax profits compared more favourably with the 2008 accounts which included a loss of €437,156 on the sale of a fixed asset.