A worker checks cubes of compressed plastic bottles at a recycling facility in Dublin. Photo: RollingNews.ie
The operator of Panda Waste settled a claim with its insurers for €9.5m after a fire destroyed a recycling facility in Dublin last November.
The gross insurance payout is disclosed in new consolidated accounts for the waste management group, Broom Holdings Bidco Ltd where its Irish revenues last year increased by 4pc from €345.45m to €369.89m.
The Cappagh recycling centre near Rosemount Business Park between Connolly Hospital, Blanchardstown and Dublin Airport was destroyed by fire in January of last year. The directors state that “no staff were injured and a re-build and re-fit-out was undertaken and the facility reopened in September 2024”.
Panda Waste here serves 300,000 homes and businesses. The directors state that “the group settled an insurance claim with its insurers in November 2024 for €9.5m”.
The directors state that €5.1m of these proceeds was recorded in exceptional items with costs of the insurance claim and the write-off of the destroyed plant netted against it.
They state that the balance of the proceeds at €4.4m is recognised within cost of sales covering the additional cost of works which arose following the fire and the diversion of tonnes to alternative group facilities incurring additional cost of sales.
“These operational actions ensured the group protected our customer base, volumes and market share during this time,” the directors said.
The business is owned by Australia’s Macquarie Infrastructure Fund after it purchased Beauparc Utilities group in 2021 from businessman Eamon Waters for €1.4bn.
Last year, Broom Holdings Bidco’s pre-tax losses increased by 11pc to €40.57m as overall revenues rose by 8pc from €744m to €806m.
The group recorded operating profits of €37.7m but net finance costs of €77.6m resulted in the pre-tax loss of €40.5m.
A breakdown of the 2024 figures show that along with Irish revenues of €369.89m, the group’s substantial UK operations enjoyed revenues of £405.53m (€459m).
The directors state that the growth in revenues “is reflective of strong organic growth aided by increased volumes and price increases and the full-year impact of prior year acquisitions”.
They are reporting a profit before finance costs, tax, share of profit in joint venture and exceptional items of €39.7m.
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