Excel Parking: Sheffield firm's profit growth falls as regulation looms
A Shefield parking firm’s runaway profit growth has fallen, new figures show.
Excel Parking made £5.5m profit before tax last year, a rise of 1.9 per cent, according to accounts filed at Companies House.
The previous year, profits before tax were up 33 per cent and 101 per cent the year before that.
The firm is also sitting on less cash, some £14.2m - down from £15.6m the year before. And it paid no dividends to equity holders.
The falls come despite record turnover of £21.1m, an increase of £2.5m on the year before.
A report with the accounts states: “Despite a highly competitive market and increased inflationary pressures, the Group performed in line with expectations, increasing turnover by £2.5 million (13.8%) compared with the prior year, representing a record level of revenue in the Group's history.”
The report also contains a section on potential risks to the business.
It says: “The directors recognise that the risk environment continues to evolve, particularly in relation to regulatory change and long-term shifts in transport behaviour, and that the Group may be subject to unforeseen future events outside its control.”
The government is proposing to ‘raise standards across the private parking industry’ with a new code of practice.
Excel Parking Services Ltd is based at 7 Europa View in Tinsley and includes subsidiary Vehicle Control Services VCS.
The firm employs 182 people, the accounts show.
The directors are Simon Renshaw-Smith, wife Karen Gillott and Alun Cockcroft. Mr Renshaw-Smith owns more than 75 per cent of the business.
He also owns ANPR International Ltd, Siren Developments Ltd, EPS Investments (St Cuthbert's Way) Ltd, EPS Investments (Europa Green) Ltd, Historic Inns Ltd, which owns Ye Old Nags Head pub in Castleton.