Pre-tax profits at one of the largest accommodation providers to International Protection Applicants in 2022 increased to €4.6m.
New accounts filed by Bridgestock Care Ltd show that the direct provision business recorded the slight increase in pre-tax profits as revenues increased by €1.5m or 10% from €14.9m to €16.4m in 2022.
The Roscommon based Bridgestock has capacity for more than 1,000 IP applicants for locations in Sligo, Mayo, Donegal and Clare and in 2022 numbers employed by the firm increased to 110.
The pre-tax profits of €4.6m follow pre-tax profits of €4.52m in 2021
The director, Michael Gillen said that the company continues to perform well and he is happy with the company's performance and expects the company to continue to be profitable.
Quarterly Purchase Order figures published by the Dept of Integration for the first three quarters of 2023 show that Bridgestock Care had another lucrative year last year with payments of €11.85m (incl VAT) for the accommodation of IP applicants across the nine months
Figures provided in a Dáil reply by Minister for Integration, Roderic O'Gorman TD state that Bridgestock Care Ltd received the ninth highest payment for the accommodation of IP applicants in 2022.
Three hotel firms received the highest amounts with TIFCO Ltd ranked highest followed by Travelodge and the operator of the Red Cow Moran Hotel, Guestford Ltd.
Bridgestock Care operates five different properties in Donegal, Sligo, Mayo, Offaly and Clare - Port Road apartments (306); Globe House (218); Old Convent (266); Marian Hostel (168) and Clare Lodge Hostel (65).
The company recorded operating profits of €5.04m in 2022 and enjoyed the pre-tax profits of €4.6m after paying €445,086 in interest charges.
The profit takes account of combined non-cash depreciation and amortisation charges of €1m.
The company recorded post tax profits of €3.92m after paying corporation tax of €673,730.
Numbers employed increased from 109 to 110 as staff costs rose from €3.45m to €4.25m.
Director’s pay last year increased marginally from €207,947 to €216,840.
At the end of December 2022, the firm had accumulated profits of €10.37m. The firm’s cash funds declined from €1.57m to €644,066.
A note attached to the accounts states that the principal risk facing the company is the nature of the contracts issued by International Protection Accommodation Services for the centres.
It said that the company "has been successful to date at renewing old contracts and obtaining new contracts and accordingly the director is satisfied that he is adequately managing risk in this area".
Reporting by Gordon Deegan
