Waste management firm records high profit growth
The possibilities of high returns in waste management were revealed by the announcement of a 163% rise in profits by one Co Clare company.
Cree-based Clean (Irl) Refuse and Recycling Co saw its profits rise from Euro 294,000 to Euro 775,000 to the end of 2006.
The company, which is 77% owned by Michael O’Donoghue and 23% owned by John O’Donoghue, also saw its staff numbers grow to 71 in 2006, from 54.
The Irish Independent reported that the company’s returns to Companies House stated that its principal activity was collection, recycling and disposal of waste and recyclable materials.
A statement handed in alongside the accounts said: “The company expanded its operations in 2005 with the acquisition of a sizeable portion of a collection route previously serviced by another contractor.
“The company maintains a very modern fleet of vehicles and has expended considerable funds over the past two years on a recycling centre in West Glare and also on bin scanning and identification systems for pay by weight analysis.
“Turnover has increased by 25% from the previous year and a similar increase in turnover is envisaged for 2007.
“The company should derive significant benefits in the future from its investment in recycling facilities and in acquiring pay-by-weight technologies.”
Over the past year, household recycling in Ireland has risen by 7%, Repak recently revealed.