One of the State’s largest providers of direct provision accommodation to asylum seekers recorded a pretax profit of €2.36 million in 2018. This compared with a pretax loss of €160,918 in 2017.
The return to profit for Millstreet Equestrian Services Unlimited Company came as revenue more than doubled from €4.2 million to €8.6 million.
In a report accompanying the numbers, directors reported “a significant increase in turnover during 2018 due to the opening of two accommodation centres and the increased capacity of existing centres”.
Currently, the Millstreet company has contracted capacity with the Department of Justice for 855 asylum seekers at six separate centres in Munster.
The centres are located at Millstreet (350) and Mallow (52) in Co Cork, Killarney (85) and Kenmare (98) in Co Kerry, Carrick on Suir (189), Co Tipperary and Waterford city (81).
The company, owned by Thomas Duggan and Noel Duggan, had shareholder funds of €12.2 million at the end of 2018, including accumulated profits of €11 million. Its cash pile increased from €5.4 million to €8 million.
Pay to directors of €247,895 in 2018 was comprised of emoluments of €65,250 and pension contributions of €182,645.
‘Exceptional value’
The directors said the company has a good working relationship both with its residents and the Department of Justice “through the provision of an exceptional standard of service and its commitment to deliver this exceptional value and quality in the future”.They added that the range of accommodation owned by the company allowed it to easily accommodate any profile of resident including families, mothers, children, single males and females.
At the end of 2018, the Millstreet company employed 94 staff, up from 60.
