Sunday 19 January 2020

Muck equals brass for Panda waste owner

Irish recycling giant Panda Waste
Irish recycling giant Panda Waste

Gordon Deegan

Operating profits at the country's largest privately owned waste management firm increased by 15pc to €23.7m in 2018.

Accounts for Beauparc Utilities Ltd show that the business enjoyed the surge in operating profits as revenues soared by €76.98m or 27pc to €362.89m.

Numbers employed by the group - which operates the Panda brand - increased by 136 to 1,402 and the group's staff costs went up 18pc to €55.17m

The directors said that the objective of the group is to become a significant utility provider, initially trading in Ireland, the UK and gaining a greater presence in European markets.

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The group recorded a marginal decline in pre-tax profits to €18.7m after finance costs of €3.7m and exceptional costs of €1.3m relating to acquisitions.

The directors said that they are pleased with the integration of the businesses within the Beauparc Utilities Group and that the group is benefiting from significant operational synergies.

In 2018, the directors say, the group completed a number of acquisitions in line with its growth strategy and they include a spend in September of €25.4m.

€7.8m of that spend is deferred on Dutch recycling business, Renes Groep BV.

It also includes an outlay in November of €22.9m - €1.4m of which is deferred - on Leeds-based waste management company, Associated Waste Management.

The group also spent a combined €19.2m, of which €9.3m is deferred, on a number of smaller businesses in 2018.

A breakdown of revenues show that €295m was generated in Ireland, €62.6m in the UK and €5.1m was generated in Holland.

The pre-tax profit takes account of combined non-cash depreciation and amortisation costs of €24.7m.

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