Indaver Ireland profits jump 18pc to €12.5m
Published 26/10/2015 | 02:30
Pre-tax profits at the firm that operates an incinerator at Duleek, Co Meath, last year increased by 18pc to €12.5m.
That is according to new figures lodged by Indaver Ireland Ltd which show that the firm recorded the jump in pre-tax profits after revenues increased by 11pc, going from €71.89m to €79.8m in the 12 months to the end of last December.
Construction of the incinerator at Duleek in Co Meath commenced in 2008 and Indaver commenced operations of its incinerator in September 2011.
Indaver has also secured planning permission from An Bord Pleanala to accept an additional 20,000 tonnes of waste.
The firm employs 180 in Ireland, including 39 employed at Duleek, and the growth in Indaver's business was last year driven by its incinerator.
According to the directors' report, "the increase in revenue is largely due to additional revenues from the new Meath waste-to-energy plant and from the export of baled municipal waste to continental Europe".
The report adds: "The improvement in operational profitability in 2014 is largely due to the satisfactory performance of our Meath waste-to-energy plant which is now processing at full capacity."
The directors state: "Our focus on the Meath waste-to-energy plant is to optimise the performance of this business."
The profit last year takes account of hefty non-cash depreciation and amortisation costs of €11m.
The group's total shareholder funds stood at €174m that included accumulated profits of €34.64m.
Staff costs last year increased from €8.93m to €9.2m.
The figures show that directors' remuneration last year reduced from €807,556 to €622,871.