Indaver profits up to €12.5m

Pre-tax profits at the firm that operates an incinerator at Duleek, Co Meath, increased last year by 18% to €12.5m.

New figures show that Indaver Ireland Ltd recorded the jump in pre-tax profits after revenues increased by 11%, from €71.89m to €79.8m, in the 12 months to the end of December last.

Construction of the incinerator at Duleek, in Co Meath, commenced in 2008 and Indaver commenced operations of its incinerator in September, 2011.

Indaver has also secured planning permission from An Bord Pleanala to accept an additional 20,000 tonnes of waste.

The firm employs 180 people in Ireland, including 39 at Duleek, and the growth in Indaver’s business was last year driven by its incinerator.

According to the directors’ report, “the increase in revenue is largely due to additional revenues from the new Meath waste-to-energy plant and from the export of baled municipal waste to continental Europe”.

The directors add that “our municipal waste-export service grew significantly in 2014, with new plants commissioned in Waterford and Limerick.”

The profit last year takes account of hefty non-cash depreciation and amortisation costs of €11m.