Aircoach reported a pre-tax loss of €7.23m for the year, largely due to a €5.78m provision related to a loss-making contract, following a pre-tax profit of €1.8m in the previous fiscal year.
Despite the loss, the company’s revenues increased by 15pc from €26.18m to €30.09m, surpassing pre-COVID revenue levels of €29.3m, indicating a rebound in passenger numbers as pandemic impacts lessen.
The company faced significant operating losses of €6.86m, partly due to high inflation, fuel price volatility, and increased staffing costs, which rose by 22pc to €11.36m. Numbers employed by the business – which is owned by the London-headquartered Firstgroup – increased from 202 to 235.
The directors noted ongoing challenges in the competitive transport environment, including the closure of the underperforming Galway route due to market oversupply, but expressed confidence in achieving satisfactory results in the upcoming financial period as they focus on growth and enhancing commercial revenues.
A written statement said: “driver recruitment remains difficult in a growing public transport environment, but the directors remain confident that the company’s activities will generate a satisfactory result in the coming financial period. Aircoach operates five key services connecting Dublin Airport with Dublin city centre and its suburbs, as well as non-stop express services connecting Dublin Airport with Cork and Belfast.”
