The operator of Panda Waste settled a claim with its insurers concerning a fire that destroyed a recycling facility in Dublin for €9.5m last November.
The gross insurance payout is disclosed in new consolidated accounts for the waste management group, Broom Holdings Bidco Ltd where its Irish revenues last year increased by 4% from €345.45m to €369.89m.
The Cappagh recycling centre near Rosemount Business Park between Connolly Hospital, Blanchardstown and Dublin Airport was destroyed by fire in January of last year and the directors state that "no staff were injured and a re-build and re-fit out was undertaken and the facility reopened in September 2024".
Panda Waste here serves 300,000 homes and businesses here and the directors state that "the group settled an insurance claim with its insurers in November 2024 for €9.5m".
The directors state that €5.1m of these proceeds was recorded in exceptional items with costs of the insurance claim and the write off of the destroyed plant netted against it.
They state that the balance of the proceeds at €4.4m is recognised within cost of sales covering the additional cost of works which arose following the fire and the diversion of tonnes to alternative group facilities incurring additional cost of sales.
They state that "these operational actions ensured the Group protected our customer base, volumes and market share during this time".
The business is owned by Australia's Macquarie Infrastructure Fund after it purchased Beauparc Utilities group in 2021 from businessman, Eamon Waters for €1.4bn.
Last year, Broom Holdings Bidco pre-tax losses increased by 11% to €40.57m as overall revenues rose by 8% from €744m to €806m.
The group recorded operating profits of €37.7m but net finance costs of €77.6m resulted in the pre-tax loss of €40.5m.
A breakdown of the 2024 revenues show that along with the Irish revenues of €369.89m while the group’s substantial UK operations enjoyed revenues of €405.53m
Holland revenues totalled €26.74m while 'rest of Europe’ revenues totalled €3.98m
The directors state that the growth in revenues "is reflective of strong organic growth aided by increased volumes and price increases and the full year impact of prior year acquisitions".
The directors state that they are reporting a profit before finance costs, tax, share of profit in joint venture and exceptional items of €39.7m.
Numbers employed at the expanding group last year increased by 381 from 2,847 to 3,228 and staff costs rose from €136.85m to €153.74m
Directors’ pay last year totalled €663,000 made up of salaries of €597,000 and €52,000 in social insurance costs.
Overall pay to key management personnel increased from €5.36m to €6.54m that included wages of €5.6m.
A breakdown of revenues show that the group generated €701.78m from waste management services while revenues of recyclables increased to €93m.
Shareholder funds totalled €312m which includes accumulated losses of €132m offset by a share premium of €442m.
Cash funds decreased from €50.38m to €35.28m.
Reporting by Gordon Deegan
