Independent tour bus operator Paddywagon suffered a €10.75 million or 77 per cent hit to revenues in 2020 due to the Covid-19 pandemic.
New accounts for Paddywagon Ltd show the business recorded a pre-tax loss of €1.33 million in the 12 months to the end of October 2020.
This follows a pre-tax profit of €862,338 in 2019, a negative swing of €2.2 million.
Revenues reduced from €13.98 million in 2019 to €3.22 million in 2020.
During 2020, the tour bus operator missed out on its overseas customer base as discretionary international travel came to a halt, while Covid-19 social distancing rules for bus operators also restricted numbers.
Underlining the impact the pandemic had on the business in 2020, overall visitor numbers to one of Paddywagon’s most popular destinations, the Cliffs of Moher, declined by 80 per cent.
Paddywagon is a bus operator, hostel operator and tourism merchandise supplier.
The accounts show their tour bus income declined from €13.9 million to €3 million, while in 2020 the business also generated “other sales” of €126,872 and shop sales of €34,374.
Numbers employed by the business during the year declined from 118 to 62 as staff costs reduced from €3.53 million to €1.24 million.
The sharp drop in staff costs included swingeing cuts to directors’ pay from €150,000 to €66,354. The directors are listed as company founder Cathal O’Connell and Cormac O’Connell.
The loss for 2020 takes account of non-cash depreciation costs of €971,079, offset by a profit of €335,551 on the sale of assets.
The business was established by Cathal O’Connell in 1998.
At the end of October 2020, the firm’s accumulated profits stood at €2.8million - during the 12 month period the firm’s cash funds reduced sharply from €2.75 million to €679,473.
