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Waste collector Oxigen returns to profit as it records dip in revenues

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Keep on trucking: Oxigen employs 290 people across its business

Keep on trucking: Oxigen employs 290 people across its business

Keep on trucking: Oxigen employs 290 people across its business

One of the country's largest waste collectors, Oxigen, last year recorded operating profits of €1.029m.

That is according to accounts filed by Oxigen Environmental, which show that the business returned to operating profit as revenues decreased marginally from €32.49m to €31.88m in the 12 months to the end of March 25, 2018.

In their report, the directors state that they are disappointed with the results for the year, but are confident that these can be improved upon in future years.

The directors state that it is their intention to grow the business while maintaining the emphasis on a responsive and quality service to customers.

The operating profit of €1.09m last year followed the business recording an operating loss of €172,385 in fiscal 2017.

Established in 1987 by Sean Doyle, the firm recorded that pre-tax profits of €967,545 after recording pre-tax losses of €248,223 in the prior year.

The main activity of the firm continues to be the provision of "integrated waste-management solutions" in the domestic and commercial sector, including waste collection and disposal and the processing of recycled products.

Numbers employed by the business last year reduced from 308 to 290 and staff costs went down - from €9.75m to €9.58m.

The profit last year takes account of non-cash depreciation costs of €1.269m.

On March 25 last, the business had shareholder funds of €33.27m that included accumulated profits of €30.4m.

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The business's cash pile increased sharply during the year from €398,998 to €740,500. On the risks facing the business, the directors point to increased running costs such as landfill disposal, transportation, labour and insurance that may have an adverse impact on the company's ability to compete in the marketplace.

The business continued its expansion last year as it paid €1.2m to acquire assets. And this followed an outlay of €1.34m under the same heading in 2017.

The firm's cost of sales totalled €20.2m.


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