Wednesday 26 April 2017

Profits at incinerator firm slump by a fifth

The Indaver waste management plant at Duleek
The Indaver waste management plant at Duleek

Gordon Deegan

Pre-tax profits at the firm that operates an incinerator at Duleek, Co Meath last year reduced by 19.5pc to €10.1m.

That is according to new figures lodged by Indaver Ireland, which show that the firm recorded the decrease in pre-tax profits after revenues increased by 2pc - going from €79.8m to €81.47m in the 12 months to the end of December last.

The incinerator at Duleek in Co Meath began operations in September 2011.

The firm last year paid €34m in dividends. The firm employs 182 in Ireland and staff costs last year increased from €9.2m to €9.49m.

The directors say the board "will continue to advocate for and invest in Irish infrastructure to make the island self-sufficient in waste processing".

They said an example of this ongoing commitment was the submission of a application for the construction of a waste-to-energy plant in Ringaskiddy, Co Cork - with a decision due on the plan next month.

The directors said the local community fund associated with the waste-to-energy facility in Carranstown, Co Meath continues to grow in line with the performance, with the 2015 accrual for the community fund at €288,000.

The profit last year takes account of non-cash depreciation and amortisation costs of €11m. The Indaver group was last year purchased by Belgian group, Katoen Natie.

It has facilities in Belgium, Germany and the Netherlands and manages five million tonnes of waste per annum.

Irish Independent

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