Profits at waste contractor Oxigen jump 29%

business
Profits At Waste Contractor Oxigen Jump 29% Profits At Waste Contractor Oxigen Jump 29%
New accounts for Oxigen Environmental ULC show revenues up 14 per cent to €37.72 million in the 12 months to the end of April 3rd this year.
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Gordon Deegan 

Pre-tax profits at one of the country's largest waste contractors, Oxigen this year increased by 29 per cent to €3.52 million.

New accounts for Oxigen Environmental ULC show that the business recorded the increase in pre-tax profits as revenues rose by 14 per cent to €37.72 million in the 12 months to the end of April 3rd this year.

In the accounts, the directors say they are pleased with the performance of the company, though the year also saw the start of substantial increases in certain operating costs, such as diesel.

Established in 1987 by Sean Doyle, the business this year recorded an operating profit of €3.76 million and interest payments of €238,224 were paid out.

The firm recorded post tax profits of €3 million after paying out corporation tax of €528,247.

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.

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A note attached to the accounts states that the company did not participate in any Government support scheme, Temporary Wage Support Scheme (TWSS), Employment Wage Support Scheme (EWSS) during the course of the pandemic.

Staff costs last year increased from €9.6 million to €10.63 million as numbers employed rose from 254 to 267.

The profit last year takes account of non-cash depreciation costs of €1.8 million.

The amount the business owed to Mr Doyle reduced from €4.5 million in April 2021 to €407,477 at the end of April 3rd this year.

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