Online teacher training company Hibernia College returned to profit in 2018 to record pre-tax profits of €507,794.

The company specialises in the provision of accredited, online third level courses for those seeking to teach.

New accounts show that Hibernia College Unlimited Company returned to profit after revenues increased by 8.3% from €10m to €10.89m in the 12 months to the end of July 2018.

The pre-tax profits of €507,794 followed a pre-tax loss of €94,302 in fiscal 2017 - a positive swing of €602,096.

According to the directors' report "following the restructuring of the company in 2015, the company has refocused on its core teaching training activities and continues to investigate opportunities to replicate its business model internationally and within other educational and training centres".

The directors state that they are satisfied with the trading performance of the company and its state of affairs at the end of July 2018.

The directors state that they consider the company to be well-positioned for significant growth.

On the company’s future developments, the directors state that they continue to develop and expand its expanding suite of courses.

Numbers employed by Hibernia totalled 82 and staff costs increased from €3.95m to €4.189m.

The directors are listed as Sean Rowland, Sara McDonnell and Sean Corkery and pay to directors decreased from €328,807 to €314,138.

Pay to key management personnel made up of directors and other key members of management totalled €861,190.

The company had a shareholder deficit at the end of July 2018 of €2.3m. The business’s cash increased from €5.7m to €5.9m.

The profit for the year takes account of combined non-cash depreciation and amortisation costs of €830,817.