The Xavier McAuliffe-led consortium, that operates the army of speed camera vans across the country, recorded operating profits of almost €50,000 per week last year.
The Go Safe consortium secured the €80m Garda contract to operate the speed camera vans in 2009, and new accounts show the firm recorded operating profits of €3.12m in the 15 months to the end of Mar 31, 2012 — or €48,000 per week, on average.
Mr McAuliffe leads the Spectra group and work began on the five- year Go Safe contract — with the option of one further year — in Nov 2010. On average, the Go Safe vans detect one speeding motorist per hour, or 72,000 detections per year as the consortium is contracted to provide 6,000 hours per month.
The cameras operate on sections of road which have a history of collisions occurring where speed was a contributory factor.
The operating profit last year followed an operating loss of €2.5m in 2011.
The accounts by Road Safety Operations Ireland Ltd show operating profits were reduced by finance costs totalling €886,734 resulting in a pre-tax profit of €2.23m. This followed a pre-tax loss of €2.78m in the period from Sept 2009 to Dec 2010 as a result of start-up costs.
The pre-tax profit takes account of combined non-cash depreciation and amortisation costs of €1.94m. Accumulated losses stood at €836,769.
“We are cautiously optimistic. While some costs have increased, the financial performance of the company is generally in line with expectation,” said a company spokes-man. “As there is still over two years to run on the contract, we continue to meet our financial targets and expect to eliminate retained losses within the next 12 months. However, as the accounts make clear, we have debts of €10.6m which will also have to be serviced.”
In the period under review, road deaths fell to record lows, with 186 in 2011, and 162 in 2012.
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