eFlow: Growth in traffic drives M50 toll firm's profits up by a fifth
Pre-tax profits at the French consortium that operates the eFlow toll on Dublin's M50 increased by a fifth last year.
Accounts just filed with the Companies Office by Sanef ITS Operations Ireland Ltd show the firm recorded a 20pc surge in pre-tax profits to €2.96m after gross profits increased 19pc to €6.9m.
The National Roads Authority 2012 annual report said there was continued strong growth in traffic last year, with a daily average of 110,000 vehicles using the tolled section of the M50 motorway during 2012.
The State generates more than €100m from eFlow toll revenues and currently it costs eFlow tag-registered drivers of cars €2.10 in toll charges, with unregistered motorists charged €3.10.
The NRA stated the daily average last year equated "to approximately 3.35 million tolling transactions per month (40.4 million) in 2012 and represents an increase of approximately 2pc over 2011 traffic levels".
Sanef ITS Operations Ireland changed its name from Beteire Flow Ltd in January of this year and is made up of the French toll operator Sanef and French tolling system designer CS.
The eFlow system was introduced in 2008 and the numbers employed by the firm last year reduced from 92 to 89 with the firm's employment costs reducing from €4m to €3.9m.
"The directors had anticipated that the early years of trading would show initial losses as a result of significant set-up costs associated with the introduction of the radical free-flow tolling system into Ireland and, having reviewed the position, they remain confident that future periods will remain profitable," the directors' report says.
The directors add that "furthermore, the company's immediate parent company, Sanef SA, has indicated its intention to provide continued financial support and to continue to make funds available to enable the company to meet its liabilities as they fall due for a period of not less than 12 months from the date of approval of the financial statements".