Profits slip at waste processing firm Indaver due to higher costs

Higher costs at the Irish arm of waste processing firm Indaver last year contributed to pretax profits declining by 12.5 per cent to €9.35 million.

The fall came despite revenues at Indaver Ireland Ltd edging up to €81.94 million from €81.33 million a year earlier.

The Belgian firm operates an incinerator at Duleek, Co Meath and secured planning permission for a new €160 million incinerator for Ringaskiddy in Co Cork in 2018 that has the capacity to treat up to 240,000 tonnes of waste per annum.

However, that permission has been subject to High Court challenge by a local environmental group and a High Court judge ruled earlier this month that the application can be remitted back to An Bord Pleanála for fresh consideration.

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Last year, transport and disposal costs at Indaver Ireland rose by €2.4 million to €44.35 million, which was the biggest factor in reduced profits at the company.

Numbers employed

The directors said that there was good growth in commercial waste services but lower energy prices affected overall margin and operating profit.

In a breakdown of revenues, “sale of goods” increased by 3 per cent to €73.9 million while sale of electricity dropped 18 per cent to €8 million.

Numbers employed by the business last year climbed from 180 to 191 as staff costs rose by €1 million to €11.64 million.

Pay to directors, including pension contributions, last year totalled €430,695.

On Covid-19, the directors said the impact to date on the company has been minimal.

Construction of the company’s incinerator at Duleek in Co Meath commenced in 2008 and Indaver commenced operations of its incinerator in September 2011. Indaver has said its Cork facility will provide 63 jobs when operational.