One of the largest direct provision accommodation providers to asylum seekers here recorded pre-tax profits of €2.36m in 2018.
The return to profit for Millstreet Equestrian Services Unlimited Company followed revenues more than doubling from €4.2m to €8.6m.
According to the directors, “there was a significant increase in turnover during 2018 due to the opening of two accommodation centres and the increased capacity of existing centres”.
Currently, the Millstreet company has contracted capacity with the Dept of Justice for 855 asylum seekers at six separate centres in Munster.
The centres are located at Millstreet (350) and Mallow (52) Killarney (85) and Kenmare (98), Carrick on Suir (189) and Waterford city (81).
The profits recorded by the Millstreet company in recent years have been beyond public view as the company is not required to file accounts to the Companies Registration Office (CRO) due the firm’s unlimited status.
The last year that the company – owned by Thomas Duggan and Noel Duggan - filed accounts before now was for the year 2008.
The pre-tax profit of €2.36m followed a pre-tax loss of €160,918 in 2017.
The directors state that the company has a good working relationship with both the residents and the Dept of Justice "through the provision of an exceptional standard of service and its commitment to deliver this exceptional value and quality in the future".
The directors state that the range of accommodation owed by the company allows the company to easily accommodate any profile of resident including families, mothers, children, single males and females At the end of 2018, the company had shareholder funds of €12.2m that included accumulated profits of €11m.
The company’s cash pile increased from €5.4m to €8m.
Numbers employed by the company increased from 60 to 94 as staff costs went up from €1.15m to €1.79m.
The company’s non-cash depreciation costs of €245,345.
Pay to directors of €247, 895 was made up of emoluments of €65,250 and pension contributions of €182,645.
At the end of 2018, the company owed €1.3m to Thomas Duggan who is the ultimate controlling party of the company.