Profits double at waste disposal firm

Pre-tax profits at a Cork firm that specialises in dealing with chemical waste more than doubled to €2.4m in 2010.

Accounts filed by the company with the Companies Registration Office show that Veolia Environmental Services Technical Solutions Ltd, based in Fermoy, Co Cork, increased its revenues from €16.3m to €17.4m.

The company paid dividends of €2.5m during the year. Pre-tax profits increased from €1.1m to €2.4m.

Numbers employed by the company increased in the year from 32 to 38.

The firm specialises in dealing with chemical waste and according to the directors, “the very nature of material managed by the company brings very specific risks which have been addressed by employment of appropriately qualified staff, constant training, adherence to procedures and finally, insurance cover of €50m”.

A separate Irish subsidiary, Veolia Transport Ireland Ltd, recorded a pre-tax loss of €13.3m in 2010. This followed the company recording an impairment charge of €14.8m in its investments in one of its subsidiary undertakings; Veolia Transport Ireland Bus Ltd and Veolia Transport Dublin Light Rail Ltd.