Toll road firm’s losses soar to €16m

PRE-TAX losses at the company which operates the tolled Waterford city bypass increased more than four-fold last year to €16 million, figures show.

According to accounts just filed by Celtic Roads Group (Waterford), the directors admit “traffic is below that expected at contract close, however, the project is in ramp-up phase and traffic is anticipated to improve in the medium term”.

The figures for 2010 show revenues increased from €2.3m to €7.3m.