Limerick-based metals recycling firm United Metal Recycling saw its profits hit €5.7m in 2020 on a turnover of €62.8m.
Newly-filed accounts for the business represent an 18-month period to the end of 2020, compared to 12 months for the previous financial year.
Its revenue in the 2019 financial year was €43.7m, while the profit after tax that year was €4.9m.
The company is majority owned by Eoin and David Hegarty. Apart from the recycling, it also undertakes demolition and construction-related activities.
It was involved in major works on the former Central Bank building on Dublin’s Dame Street, which has been redeveloped as Central Plaza. It has also been involved in the redevelopment of the former JP Carroll’s headquarters in the capital.
The accounts show that the group’s retained profits rose to €24.6m at the end of 2020.
It generated €7.4m in cash from its operations during the 18-month period, and net cash of €7m after paying interest of €143,000 and tax of €216,000. Its total tax charge for the period was €1.1m.
Last year, United Metal Recycling acquired Limerick-based James J O’Donnell General Engineering Works. That company specializes in metalwork design, supply, fabrication, installation, and repair work.
During the summer, a major fire began at the United Metal Recycling facility at the Eastway Business Park on the outskirts of Limerick city. It was the third fire at the site in five years.
Earlier this year, the court ordered the company to make a €10,000 donation to help refugees from Ukraine after admitting that it breached waste management laws because it did not have proper fire safety equipment to deal with a fire at its facility in 2021.
United Metal Recycling was prosecuted by the local authority and pleaded guilty to breaching the conditions of its waste facility permit.
The company did not receive a criminal conviction but was ordered to pay the charitable donation and pay the council’s costs.
