Pre-tax profits at the group that operates Griffith College last year increased by 37% to €6.58 million.
Consolidated accounts filed by Bellerophon Ltd show that the group enjoyed the jump in profits as revenues increased by 9% from €33.88 million to €36.48 million in the 12 months to the end of June last year.
Established in 1974, Griffith College has grown into Ireland’s largest independent third-level institution, with just under 8,000 students in Dublin, Cork, and Limerick.
Bellerophon currently has multi-million euro plans before the city council to extend its existing flagship campus at South Circular Rd, Dublin 8.
The scheme is “to allow for future student growth over the next decade” in order to increase from 7,000 students currently enrolled, 5,500 of whom attend the Dublin campus, to 11,000 students by 2030.
The workforce is due to increase from 400 staff members currently to 600 in 2030.
The College currently provides third level education programmes at undergraduate and postgraduate level and also provides professional educational programmes.
The directors state that accounting & finance, business, computing, design, journalism and media, creative arts, law, psychology, engineering and healthcare make up the core discipline areas.
The new consolidated accounts show that operating profits increased by just over €1 million or 24% from €4.33 million to €5.38 million and the group’s pre-tax profits increased by 37% due to interest income of €1.2 million compared to interest income of €451,640 in the prior year.
The group recorded a post tax profit of €5.38 million after incurring a corporation tax charge of €1.2 million.
The company paid out interim dividends of €110,000 last year.
Numbers employed by the group last year increased from 505 to 527 as staff costs rose from €19.02 million to €19.99 million.
The number involved in teaching, training and material preparation totalled 328 while the company employed 172 in clerical and administration and 27 in maintenance, security and cleaning.
At the end of June 30th last year, the group had shareholder funds totalling €39.28 million that included accumulated profits of €33.59 milliom.
The firm’s cash funds decreased from €7.49 million to €4.58 million.
Pay for directors last year increased from €763,244 to €818,632 from made up of emoluments of €722,669 and €95,963 in pension contributions.
The profit last year takes account of non-cash depreciation costs of €1.14 million and impairment costs of trade debtors totalling €291,649.
In March, the Council placed the college expansion application on hold when requesting revised plans in a further information request under eight headings across eight pages.
The council has told Bellerophon that while the proposed development to expand the existing Griffith College campus, is fully supported in principle by the Council there are a number of concerns that require addressing.
The Council has told the college that there are concerns with the proposed scale, design and massing of the Quad Building and its impact on the existing Protected Structures.
Bellerophon Ltd has yet to lodge the revised plans.
Story by Gordon Deegan
