Pre-tax profits at one of the country's largest waste contractors, Oxigen last year increased by 58% to €4.43m.
New accounts for Oxigen Environmental ULC show that the business recorded the increase in pre-tax profits as revenues rose by 14% from €39.89m to €45.62m in the 12 months to the end of April 7th last year.
The directors state that they are pleased with the performance of the company, particularly when viewed against the challenging economic conditions which pertained throughout the financial year.
The directors state that "inflationary pressures continued to impact across all major cost headings including outlet costs for materials, labour costs and fuel costs".
They state that "in spite of these pressures, the group was able to maintain its gross profit margins and to achieve an improved EBITDA and bottom-line operating profit".
The directors state that profits arising in the financial year "were largely reinvested in operational facilities and plant across the group".
The directors state that they "are confident that these results can be improved upon in coming years".
They state that "during the prior year, the company acquired Orange Skip Hire Ltd, a business based in the north east, and the board is pleased to report that this business has been fully integrated into group operations and is generating the anticipated synergies".
They state that a fire at one of the group's depots in the summer of 2022 "had caused some disruption to processing operations but the affected depot was back in full operation for the entire financial year and made a significant contribution to the group’s bottom line results".
Established in 1987 by Sean Doyle, the business recorded an operating profit of €5m and interest payments of €573,544 were paid out.
The firm recorded post tax profits of €3.88m after incurring a corporation tax charge of €552,342.
The main activity of the firm continues to be the provision of integrated waste management solutions in the domestic and commercial sector, including waste collection and disposal and the processing of recycled products.
Staff costs last year increased from €11.89m to €13.42m as numbers employed rose from 291 to 311. The company last year paid €8.9m to acquire tangible assets and received €2.37m from the sale of tangible assets.
The profit last year takes account of non-cash depreciation costs of €2.5m and a profit of €672,490 on the disposal of tangible assets.
At the end of April 7th, the business had shareholder funds of €48.05m that included accumulated profits of €45.25m.
The business’s cash funds increased from €4.95m to €5.75m.
Reporting by Gordon Deegan
