Revenues at direct provision operator Bridgestock Care surge by 10pc to €16.4m

Bridgestock has capacity for more than 1,000 International Protection Applicants

Gordon Deegan

Pre-tax profits at one of the largest accommodation providers to International Protection Applicants (IPAs) increased to €4.6m in 2022.

New accounts filed by Bridgestock Care Ltd show the direct provision business recorded the slight rise in pre-tax profits as revenues increased by €1.5m, or 10pc, from €14.9m to €16.4m in the year.

Roscommon-based Bridgestock has capacity for more than 1,000 International Protection Applicants for locations in Sligo, Mayo, Offaly, Donegal and Clare. In 2022 numbers employed by the firm increased to 110.

The pre-tax profits of €4.6m follow pre-tax profits of €4.52m in 2021

Michael Gillen, the director, said the company continued to perform well and that he expected it to continue to be profitable.

Quarterly purchase order figures from the Department of Integration for January to September last year show Bridgestock Care had another lucrative year in 2023 with payments of €11.85m, including Vat, for the accommodation of International Protection Applicants in the nine-month period.

Figures provided in a Dáil reply by Integration Minister Roderic O’Gorman stated that Bridgestock Care Ltd received the ninth highest payment for the accommodation of International Protection Applicants in 2022.

Three hotel firms received the highest amounts: Tifco Ltd was ranked highest, followed by Travelodge, then the operator of the Red Cow Moran Hotel on the western outskirts of Dublin, Guestford Ltd.

Bridgestock Care operates properties in Co Donegal, Co Sligo, Co Mayo, Co Offaly and Co Clare.

It recorded operating profits of €5.04m in 2022 and enjoyed the pre-tax profits of €4.6m after paying €445,086 in interest charges.

The profit takes account of combined non-cash depreciation and amortisation charges of €1m.

The company recorded post-tax profits of €3.92m after paying corporation tax of €673,730.

Staff costs rose to €4.25m from €3.45m while director pay in 2022 increased marginally from €207,947 to €216,840. The company’s gross profit totalled €7.69m.

At the end of December 2022, the firm had accumulated profits of €10.37m.

The firm’s cash funds declined from €1.57m to €644,066.