Pre-tax profits at one of the largest accommodation providers to International Protection Applicants (IPAs) in 2022 increased to €4.6 million.
New accounts filed by Bridgestock Care Ltd show that the direct provision business recorded a slight increase in pre-tax profits as revenues increased by €1.5 million, or 10 per cent, from €14.9 million to €16.4 million in 2022.
Roscommon-based Bridgestock has capacity for more than 1,000 IPAs in Sligo, Mayo, Donegal and Clare. In 2022 the number of people employed by the firm increased to 110.
The pre-tax profits of €4.6 million follow pre-tax profits of €4.52 million in 2021.
The director, Michael Gillen, said the company continues to perform well, and he expects the company to continue to be profitable.
Purchase order figures published by the Department of Integration for the first three quarters of 2023 show that Bridgestock Care had another lucrative year last year, with payments of €11.85 million for the accommodation of IPAs across the nine months.
Figures provided in a Dáil reply by Minister for Integration Roderic O’Gorman TD show that Bridgestock Care received the ninth-highest payment for the accommodation of IPAs in 2022.
Three hotel firms received the highest amounts, with TIFCO Ltd ranked highest, followed by Travelodge and the operator of the Red Cow Moran Hotel, Guestford Ltd.
Bridgestock Care operates five different properties in counties Donegal, Sligo, Mayo, Offaly and Clare – Port Road apartments (306); Globe House (218); Old Convent (266); Marian Hostel (168) and Clare Lodge Hostel (65).
A note attached to the accounts says that the principal risk facing the company is the nature of the contracts issued by International Protection Accommodation Services (IPAS) for the centres.
It states that the company "has been successful to date at renewing old contracts and obtaining new contracts and accordingly the director is satisfied that he is adequately managing risk in this area".
