Pre-tax profits at pest control firm Rentokil Initial increased more than seven fold to €9.6m in 2022.
Underlining the profits and revenues that are to be made from the control of rats, fleas, ants, moths, mice, flies, bed bugs, cockroaches and other pests, revenues at Rentokil Initial Ltd increased by 30% or €7.7m from €25.56m to €33.31m in 2022.
Operating profits at the business increased by 412%, rising from €1.28m to €6.6m.
The new accounts for the Irish arm of the world's largest pest control company show that pre-tax profit for 2022 included a €3m dividend received from a subsidiary.
In turn, the Irish unit paid out a dividend of €23m in 2022.
The pre-tax profits for 2022 take account of combined non-cash depreciation and amortisation costs of €2.82m along with modest net interest payments of €6,619.
Profits surged at the firm as cost of sales increased by 8.7% from €16.7m to €18.19m while administration costs rose by 13% from €7.54m to €8.5m.
Numbers employed at the Naas-based company increased from 292 to 320 and staff costs increasing from €11.36m to €12.81m.
The break-down of numbers employed show that 228 employed in service, 31 in selling, 57 in administration and four in "overhead".
The company has been market leaders here in pest control services for over 90 years.
Key management personnel shared €288,968 in pay including pension contributions of €28,534.
The company recorded a post tax profit of €8.8m after incurring a corporation tax charge of €802,219.
The directors state that "all types of pest infestation are controlled or prevented by methods that are environmentally safe".
The directors state that arising from the business impact of Covid-19, "the company has experienced a higher level of bad debts due to business closures. However, it has not materially negatively impacted the business or its trading activities".
In addition to pest control services, the company also provides feminine care services, which specialises in the supply and disposal of sanitary dressings and washroom services through its hygiene division.
The company's Ambius division installs and maintains tropical plants in business premises while it also has a subsidiary that is involved in services for the collection and removal of medical waste.
The dividend pay-out in 2022 offset by the profits contributed to accumulated profits reducing from €26.02m to €14.1m. The firm's cash funds reduced from €26.09m to €9.38m.
The firm's "provisions including bad debts" more than doubled to €364,849 in 2022.
On economic risks facing the company, the directors state point to the risk of unrealistic increases in wages or infrastructural cost impacting adversely on competitiveness of the company and its customers.
They state that these risks are managed by strict controls over costs. Globally in 2022, Rentokil Initial's revenues totalled £3.71 billion, recording pre-tax profits of £296m.
Reporting by Gordon Deegan
