Limerick-based metal recycling company United Metal Recycling reported a profit of €5.7 million on sales of €62.8 million in 2020.
The Company’s newly filed financial statements represent a period of 18 months to the end of 2020, compared to 12 months for the prior fiscal year.
Sales in the 2019 financial year were EUR 43.7 million, and profit after tax this year was EUR 4.9 million.
The company is majority owned by Eoin and David Hegarty. In addition to recycling, demolition and construction work is also carried out.
It was involved in extensive work on the former Central Bank building on Dublin’s Dame Street, which has been remodeled as the Central Plaza. It was also involved in the redevelopment of JP Carroll’s former headquarters in the capital.
The balance sheet shows that the retained earnings of the group increased to 24.6 million euros at the end of 2020.
It generated 7.4 million euros in cash from its operations and net cash of 7 million euros after paying interest of 143,000 euros and taxes of 216,000 euros during the 18-month period. The total tax burden for the period was €1.1 million.
Last year, United Metal Recycling acquired Limerick-based James J O’Donnell General Engineering Works. This company specializes in the design, supply, fabrication, installation and repair of metalwork.
A major fire broke out at United Metal Recycling’s facility in Eastway Business Park on the outskirts of Limerick in the summer. It was the third fire at the site in five years.
Earlier this year, the company was ordered by the court to donate €10,000 to refugees from Ukraine after admitting it flouted waste management laws by not having adequate firefighting equipment to fight a fire at its facility 2021
United Metal Recycling was prosecuted by the local authority and pleaded guilty to violating the terms of its waste facility permit.
The company was not criminally convicted but ordered to pay the charitable donation and community expenses.
https://www.independent.ie/business/irish/profits-at-limerick-metals-firm-united-metal-recycling-hit-57m-42241824.html Limerick-based metal company United Metal Recycling’s profit reached €5.7 million