Pre-tax profits soar 93% at outsourcing group

Pre-tax profits at Waterford-based outsourcing group RigneyDolphin increased by 93% to €1.6m in 2010.

Highlighting the continued expansion of the group, accounts recently filed with the Companies Office by RigneyDolphin Ltd and subsidiaries show it increased revenues by 25%, from €27.4m to €34.3m, in the 12 months to the end of Dec 2010.

The numbers employed by the group increased from 997 to 1,193 during the year.

The firm has been shortlisted in the 2012 Ernst & Young Entrepreneur of the Year awards, and according to the directors’ report, “in a challenging environment, the company continued to add to its client base and broaden the range of services offered”.

The report continues: “As outsourcing becomes the preferred option for companies seeking to find the strategic option to manage costs, the directors are noting increasing interest in the offerings of the company.”

The figures show RigneyDolphin’s largest costs are staff salaries, which totalled €27.4m in 2010 compared to €21.5m in 2009.

Established in 1990, the RigneyDolphin Group has its head office in Waterford, along with centres in Dublin and Dundalk.

The firm provides contact centre management, customer relation management, telehealth, and recruitment services to clients including Vodafone, An Post, Airtricity, the HSE, UPC, Fáilte Ireland, and the National Consumer Agency.

The profit takes account of depreciation costs totalling €463,244.

The filings show the aggregate fees and salaries shared by the company’s three directors dropped last year from €689,029 to €633,403.

RigneyDolphin’s accumulated profits at the end of 2010 stood at €5.7m. During the year, the company’s cash increased from €761,775 to €2.7m. Operating profit in 2010 rose 38% from €914,395 to €1.2m.

However, higher interest payments in 2010 of €446,077 resulted in the greater increase in pre-tax profits.