Pre-tax profits at one of the largest accommodation providers to asylum seekers here last year more than doubled to €4.52 million.
New accounts filed by Michael Gillen’s Bridgestock Care Ltd show that the company recorded the 128 per cent increase in pre-tax profits as revenues surged by 33 per cent from €11.2 million to €14.9 million.
The Roscommon-based Bridgestock has capacity for more than 1,000 asylum seekers for locations in Sligo, Mayo, Donegal and Clare and last year numbers employed by the firm increased to 109.
According to the director’s report “the company continues to perform well” in 2021.
The report states that Mr Gillen "is happy with the company's performance and expects the company to continue to be profitable".
The company operates five different properties in Co Donegal, Co Sligo, Co Mayo, Co Offaly and Co Clare - Port Road apartments (306); Globe House (218); Old Convent (266); Marian Hostel (168) and Clare Lodge Hostel (65).
The company recorded operating profits of €5.34 million last year and enjoyed the pre-tax profits of €4.52 million after paying €816,552 in interest charges.
The profit takes account of combined non-cash depreciation and amortisation charges of €988,208.
The company recorded post tax profits of €3.86 million after paying corporation tax of €665,734.
Numbers employed increased from 93 to 109 as staff costs rose from €3.22 million to €3.45 million. Director’s pay last year increased marginally from €201,130 to €207,947.
At the end of last December, the firm had accumulated profits of €6.4 million. The firm’s cash funds almost doubled from €834,393 to €1.57 million.
Separate accounts for another operator in the ‘international protection’ accommodation sector, Next Week & Co Ltd show that it recorded post tax profits of €1.72 million for 2021 - a 58 per cent increase on the post tax profits of €1.08 million for 2020.
Next Week and Co Ltd operates the 108 bedroom Riverside Park hotel in Macroom and also the 230 bed Abbeyfield Hotel in Ballaghaderreen, Co Roscommon which is an Emergency Reception and Orientation Centre (EROC) for refugees.
At the end of last December, Next Week and Co Ltd’s accumulated profits totalled €4.2 million. The firm employed 43 last year.
Fazyard Ltd is the operator of the 250 bed The Towers at Clondalkin in Dublin and the 202 bed Montague hotel in Co Laois.
Last year, Fazyard Ltd recorded pre-tax profit of €1.7 million. The company employs 45 and at the end of last year, the firm had accumulated profits of €9.7 million.
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.
