NCT firm records average weekly revenues of almost €2m as profits increase six fold
Gordon Deegan
The firm which operates the National Car Test (NCT) last year recorded weekly revenues of almost €2 million as it ramped up the number of tests provided.
New accounts filed by Applus Inspection Services Ireland Ltd show that its pre-tax profits increased more than sixfold from €1.02 million to €6.59 million last year.
This followed revenues surging by 13.45 per cent from €90.97 million to €103.22 million - or average weekly revenues of €1.98 million.
The jump in revenues followed the number of tests provided last year increasing by 150,000 from 1.58 million to 1.73 million as the firm moved to eliminate the backlog that built up during 2023.
The directors state “overall performance during the year was positive reflecting the increased throughout as a result of increasing headcount throughout the network”.
As part of the additional numbers employed during 2024, Applus recruited extensively in the Philippines for qualified mechanics to address the critical shortage of skilled staff here.
The bumper year for the firm resulted in the company paying out dividends of €7.6 million last year with the directors stating that “it is noteworthy that no interim dividend was declared in the previous year”.
During 2024, the NCT fee for a full test was €55 and a re-test cost €28 and on January 1st this year, the full test fee increased to €60, and a re-test increased to €40.
The ten-year NCT contract operated by Applus concluded in June 2020 and the firm successfully re-tendered for a new 10 year contract.
Numbers employed last year decreased marginally from 849 to 843 as staff costs increased by 13.45 per cent from €43.05 million to €48.85 million.
The company last year recorded an operating profit of €6.16 million before net interest payments of €428,380 received are taken into account.
The operating profit takes account of non-cash depreciation costs of €4.64m million and non-cash amortisation costs of €200,000.
The company recorded a post-tax profit of €5.42 million after incurring a corporation tax charge of €1.17 million.
A breakdown of the firm’s revenues last year show that NCT revenues rose from €84.19 million to €94.9 million while revenues from VRT Import Conformance Inspection rose from €6.34 million to €7.92 million with ancillary income decreasing from €436,124 to €375,642.
On the number of vehicles tested in 2024, the directors state that the numbers were consistent with expectations given the current difficult trading environment.
Directors’ pay last year totalled €339,476 made up of emoluments of €296,480 and €42,996 in pension contributions.
The firm’s shareholder funds last year totalled €3 million as cash funds increased from €1.02 million to €2.2 million.
In 2024, the London based TDR Capital purchased a controlling stake in the Spanish headquartered Applus. TDR Capital’s other investments include Pizza Express and retailer, Asda.
