Cork-based group providing accommodation to refugees sees operating profits of €9.95m
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A Cork-based group which provides accommodation to international protection (IP) applicants and Ukrainians last year recorded operating profits of €9.95m.
New consolidated accounts for Peppard Investments Holdings Ltd show that it achieved operating profits of €9.95m after recording revenues of €28.1m last year.
Group subsidiary Next Week and Co Ltd operates the 108-bed Riverside Park Hotel in Macroom and the 230-bed Abbeyfield Hotel in Ballaghaderreen, Roscommon, which is an emergency reception and orientation centre for refugees.
The principal activity of the company and group continues to be that of property development, emergency reception, orientation, and accommodation centres.
Peppard Investments Holdings recorded a pre-tax profit of €8.7m after paying out interest payments of €1.23m.
The group achieved a post-tax profit of €7.53m after incurring a corporation tax charge of €1.18m.
The group has its registered office at Wilton, Cork, and its joint owners are listed as John Crean and Tony O’Neill. Numbers employed at the group increased to 116 last year as staff costs totalled €3.12m for 2023.
The profits take account of non-cash depreciation costs of €441,610.
The profits last year strengthened the group’s balance sheet, with shareholder funds of €16.58m at the end of December, which included accumulated profits of €7.66m.
Group subsidiary Next Week & Co Ltd has continued to earn substantial income from accommodating international protection applicants and Ukrainians this year.
Purchase orders published by the Department of Children, Equality, Disability, Integration and Youth show that Next Week and Co Ltd has received payments of €8.2m for the first six months of this year.
Figures released last week by Integration Minister Roderic O’Gorman show that the spend in accommodating international protection applicants to October 11 this year is €748.87m, as the number of applicants arriving here this year is projected to be 69% ahead of 2023 figures.
In a written Dáil reply to Aontú leader Peadar Tóibín, Mr O’Gorman reveals that the 2024 spend already outstrips the total outlay for 2023 when the State bill for accommodating IP applicants came to €651.7m.
If the State spending for accommodating international protection applicants remains at the same level for the remainder of the year, the total 2024 bill is projected to be about €960m.
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