Waterford waste group Kollect enjoys bounce in revenue despite pandemic

Irish listed company sees revenue rise 28 per cent to €4.4 million last year

Kollect chief executive John O’Connor

Kollect chief executive John O’Connor

 

Waterford-based waste company Kollect saw revenue rise 28 per cent to €4.4 million last year despite the pandemic.

However, the company warned the current lockdown, which has resulted in the closure of about two thirds of construction sites, has impacted on revenues from commercial bins, skip and junk hire.

Kollect, which is listed on Scandinavia’s Nasdaq First North stock exchange, said pre-tax profit for 2020 rose 62 per cent to €1.1 million.

First acquisition

The company completed its first acquisition, buying a compactor bin business in a €480,000 deal. It was financed by the issuing of share capital totalling SEK9 million (€872,655).

“The fourth quarter rounded out what was an excellent year for us all at Kollect, particularly given the challenging environment of the global pandemic,” chief executive John O’Connor said.

“I’m delighted that we have continued to deliver on our promise of high growth and have been able to do so whilst improving our gross margin and increasing the proportion of revenue that is recurring providing a solid base for the company to grow in the future,” he said,