Pre-tax profits at the group which owns the clamping firm contracted to carry out clamping and parking enforcement in Dublin city last year increased by 25% to €2.15m.
New accounts for Tazbell Services Group DAC show that the group recorded the sharp rise in pre-tax profits after revenues increased by €3.7m or 22% from €17.15m to €20.86m.
The services group owns Dublin Street Parking Services (DSPS) which operates the clamping contract for Dublin City Council.
DSPS has operated the clamping contract since 2004 and in a normal year, DSPS tickets, clamps, relocates and stores in the region of 60,000 vehicles in the capital.
Quarterly Purchase Orders published by Dublin City Council show that the Council paid DSPS €6.8m in 2022.
Tazbell Services Group is the largest provider of outsourced parking enforcement services in Ireland through locally based and branded services and it manages 50,000 on-street parking spaces for local authorities in Ireland.
The group also provides all related customer services, correspondence, payment management appeals and complaint management on behalf of many of the large local authorities including Dublin City Council, Dun Laoghaire Rathdown County Council, South Dublin County Council and Fingal County Council.
In August last year, rival operator, Q-Park announced that it had agreed terms to purchase all of Tazbell's operations and the directors for Tazbell state that following review and clearance by the Competition and Consumer Protection Commission, the transaction was completed on August 31, 2023.
The profit for last year takes account of exceptional expenses of €387,135 for transactional charges concerning the business's acquisition by Q-Park.
On last year's performance, the directors state that "overall the group gradually returned to normal trading during 2021 and 2022 after the effects of Covid-19 with car-parks getting back to close to pre-Covid levels".
They state that "other areas of the group were not materially impacted by Covid-19 and continued to trade in line with expectations".
The directors state that they are satisfied with the performance of the business in 2022.
Staff costs at the group last year totalled €8.05m as numbers employed increased from 188 to 193. Pay to directors increased to €396,608 - including pension payments of €22,637.
Pay to key management personnel totalled €515,272.
Shareholder funds last year totalled €12m - including cash funds of €12.27m.
The profits last year take account of non-cash depreciation costs of €478,322.
The company's operating lease costs totalled €5m. The group recorded a post tax profit of €1.82m after incurring a corporation tax charge of €327,181.
Tazbell Services Group also owns Park Rite which is the largest commercial car park operator in the country. Its client base includes retailers and hospitals.
The group also operates Toll Collection Services (TCS) that operates toll plazas overseeing traffic volumes of over 50,000 vehicles per day.
