Company behind Panda Waste reports pretax profit of €1.23m

ADNAP HOLDINGS, the waste management business that includes Panda Waste, made a pretax profit of €1.23 million in 2010, according to its accounts.

Group turnover jumped to €49.77 million from €39.11 million previously, largely as a result of the acquisition of further waste management business.

However, costs also jumped and the pretax profit in 2010 was less than the €2 million achieved a year earlier. Nevertheless, the directors described the result as satisfactory given the difficult trading environment.

During 2010, the group entered an agreement to buy assets from the skip hire business Dean Waste Company, in receivership, trading as AI Waste, for €2.2 million.

The assets did not include a landfill site in Kerdiffstown, Co Kildare.

The agreement was subject to a number of conditions which were not fulfilled by the specified time limit and further negotiations are taking place to complete the acquisition, according to the accounts.

Also during 2010, the company won the tender for waste collection services held by Dún Laoghaire Rathdown County Council for its remaining roughly 15,000 local authority service customers, according to the accounts.

Adnap is owned by Eamon Walters and its directors are Eamon and Noel Walters, both of Navan, Co Meath. Shareholders’ funds at the end of the year were €19.65 million.

The group employed an average of 285 people during 2010, at a cost of €8.3 million, compared with an average of 214 at a cost of €8.28 million the previous year. Directors’ remuneration was €154,646, up from €64,739 the previous year.

The group has two investment properties at Islandbridge in Dublin, which were written down in value by €100,000 to €519,509.

Creditors at year’s end included bank loans and overdrafts of €7.8 million, trade creditors of €9.28 million and hire purchase and finance lease agreements of €2.8 million. Taxation and social welfare were €517,898.

Rent of €120,000 was paid to Eamon Waters in respect of land at Beauparc, Navan, Co Meath.