Nationwide Controlled Parking Systems (NCPS), the State's largest parking services business, returned to profit last year despite what it described as "continuing challenging market conditions."

The company recorded a pretax profit of €114,445 for the 12 months to the end of August 2014, compared with a loss of €208,095 for the same period a year earlier.

NCPS said turnover rose by €800,000 from €11.4 million to €12.2 million, while operating profit reached €235,368 compared to a loss of €669 in the previous year.

The group said that with an improvement in the general economic environment it was confident levels of parking- management services could be maintained and developed to allow it to continue to operate profitably in the coming years.

NCPS is owned by directors Jason Ballard and Steven Kingswell by way of holding company Sontegra Ltd. Mr Kingswell resigned as a director of both Sontegra and NCPS earlier this year.

Established in 1998, the company has more than 850 sites under management, with 65,000 parking spaces.

The company's clients include Dublin City Council, Irish Rail, Aldi, the Dublin Docklands Development Authority and UCD. Last year it was also appointed to manage the Luas park-and-ride facilities.

The 2014 results include a €40,000 provision on an amount owed by group companies.

Last year the company employed an average of 86 people, down from 90 the year before, with staff costs (including pension provisions) coming in at €2.6 million, unchanged from the previous year.

Abridged accounts for Sontegra show it had net liabilities of €1.22 million at the end of August 2013 compared with €1.33 million for the same period a year earlier. During the year it received €40,000 from NCPS and owed that company €1.26 million at year’s end.