The company operating the National Car Test (NCT) saw weekly revenues approach €2 million last year, as it increased the number of tests offered, reports Breaking News.
Recent financial statements from Applus Inspection Services Ireland Ltd reveal that its pre-tax profits grew more than six times, jumping from €1.02 million to €6.59 million in 2024.
This increase followed a 13.45% rise in revenues, from €90.97 million to €103.22 million, equating to average weekly revenues of €1.98 million, reports Breaking News.
The growth in revenues was driven by an additional 150,000 tests provided last year, increasing the total from 1.58 million to 1.73 million, as the company worked to clear a backlog created during 2023.
The directors stated that “overall performance during the year was positive, reflecting the increased throughput due to a growing workforce across the network,” reports Breaking News.
As part of the recruitment effort in 2024, Applus hired numerous qualified mechanics from the Philippines to address a critical shortage of skilled staff in Ireland.
The successful year for the company led to dividend payouts of €7.6 million, with the directors noting that “it is noteworthy that no interim dividend was declared in the previous year,” reports Breaking News.
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In 2024, the NCT fee for a full test was €55, and a re-test cost €28. On January 1st of this year, the full test fee increased to €60, while the re-test fee rose to €40.
Applus successfully re-tendered for a new 10-year NCT contract after its original agreement ended in June 2020.
Employee numbers decreased slightly, from 849 to 843, while staff costs increased by 13.45%, rising from €43.05 million to €48.85 million, reports Breaking News.
The company posted an operating profit of €6.16 million before accounting for net interest payments of €428,380.
This operating profit includes non-cash depreciation costs of €4.64 million and non-cash amortisation costs of €200,000.
After a corporation tax charge of €1.17 million, the company recorded a post-tax profit of €5.42 million, reports Breaking News.
A breakdown of the firm’s revenue sources shows that NCT revenues grew from €84.19 million to €94.9 million, while revenue from VRT Import Conformance Inspection increased from €6.34 million to €7.92 million. Ancillary income, however, decreased from €436,124 to €375,642.
Regarding the number of vehicles tested in 2024, the directors said the results were in line with expectations, given the challenging trading environment, reports Breaking News.
Directors’ total pay for the year amounted to €339,476, including €296,480 in emoluments and €42,996 in pension contributions.
The company’s shareholder funds stood at €3 million, with cash reserves growing from €1.02 million to €2.2 million.
In 2024, London-based TDR Capital acquired a controlling interest in the Spain-headquartered Applus. TDR Capital’s other investments include Pizza Express and retailer Asda, reports Breaking News.
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