The Covid-19 pandemic will have “a minimal negative impact” on the trade of one of the country’s largest waste contractors, Oxigen.
That is according to new accounts for Oxigen Environmental, which show pretax profits last year increased by 50 per cent to €1.45 million.
The business recorded the increase in profits as revenues remained flat at €31.8 million for the 53 weeks to the end of March 2019.
The group has seen a reduction in demand from some categories of customers due to Covid-19, and an increase from others.
The directors are satisfied with the results for 2019 and believe they can be further improved upon in future years, through growth of turnover and improvement in disposal efficiencies.
The business is considered an essential service under the Government’s Covid-19 guidelines, and the adjusted and modified means of providing that service has resulted in additional operational costs.
Established in 1987 by Sean Doyle, the business last year benefited from exceptional income of €239,050 concerning related party debt.
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.
Staff costs last year declined from €9.58 million to €9.3 million as numbers employed decreased from 277 to 256.
The profit last year takes account of non-cash depreciation costs of €1.1 million.
At the end of March last year, the business had shareholder funds of €34.68 million that included accumulated profits of €31.89 million.
The business’s cash pile increased from €740,500 to €1.16 million. It owed Mr Doyle €4.79 million at the end of March 2019.