One of the largest companies involved in the ‘direct provision’ sector more than doubled its profits last year to €1.98 million.
The Co Roscommon-based Bridgestock Care Ltd has capacity to accommodate more than 1,000 asylum seekers and new accounts show that pre-tax profits increased by 162 per cent to €1.98 million last year.
This followed revenues rising by 50 per cent from €7.4 million to €11.2 million.
Last year, Bridgestock Care Ltd received €11.09 million (including VAT) in State fees accommodating asylum seekers in five properties with a combined capacity for 1,023 asylum seekers.
The company 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).
In his report, director of Bridgestock Care Ltd Michael Gillen said that “the company continues to perform well”.
The company recorded operating profits of €2.39 million last year and enjoyed the pre-tax profits of €1.98 million after paying €409,460 in interest charges.
The profit takes account of combined non-cash depreciation and amortisation charges of €899,434.
Numbers employed increased from 83 to 93 as staff costs from €2.85 million to €3.22 million.
Separate accounts for another operator, Next Week & Co Ltd, show that it more than doubled its post-tax profits to €1.08 million last year.
Next Week and Co Ltd operates the 108-bedroom Riverside Park hotel in Macroom, Co Cork, and also the 230-bed Abbeyfield Hotel in Ballaghaderreen, Co Roscommon, which is an Emergency Reception and Orientation Centre (EROC) for refugees.
Last year, Next Week & Co Ltd received State payments of €6.39 million. At the end of last December, Next Week and Co Ltd’s accumulated profits totalled €2.5 million.
Fazyard Ltd is the operator of the 250-bed The Towers at Clondalkin, Dublin, and the 202-bed Montague hotel in Co Laois.
Last year, Fazyard Ltd received direct provision State payments of €7.3 million.
The most recent accounts for Fazyard Ltd show that it recorded pre-tax profits of €1.87 million for 2020.
Sean Lyons Jnr is listed as a director and accumulated profits at the end of last year totalled €8.22 million. The company’s cash funds totalled €4.1 million.
The increase in profits at firms in the sector follows the spending on direct provision soaring by 41 per cent from €129.4 million in 2019 to €183 million last year.
A number of the major operators in the sector have unlimited status and they are not required to file annual accounts at the Companies Office.
