Cash-flow, consortium pre tax profits rise by 20% to €2.96m

Abridged accounts just filed with the Companies Office by Sanef ITS Operations Ireland Ltd, show that the firm recorded the increase in pre-tax profit after gross profits rose by 19% from €5.79m to €6.88m in the 12 months to the end of December last. 

Pre-tax profits increased from €2.467m to €2.966m during the year.

According to the National Roads Authority (NRA’s) 2012 annual report, there was continued strong growth in traffic last year with a daily average of 110,000 vehicles using the tolled section of the M50 motorway during 2012.

The State generates in excess of €100m per annum from eflow toll revenues and currently it costs e-flow tag registered drivers of cars €2.10 in toll charges, with unregistered motorists charged €3.10.

The NRA stated the daily average last year equated “to approximately €3.35m tolling transactions per month (€40.4m) in 2012 and represents an increase of approximately 2% over 2011 traffic levels.”

Sanef ITS Operations Ireland Ltd changed its name from Beteire Flow Ltd in January and is made up of the French toll operator Sanef and French tolling system designer CS.

The e-flow system was introduced in 2008 and the numbers employed by the firm last year reduced from 92 to 89 with the firm’s employment costs going from €3.9m to €4m.

According to the directors’ report: “The directors had anticipated that the early years of trading would show initial losses as a result of significant set-up costs associated with the introduction of the radical free flow tolling system into Ireland and having reviewed the position, they remain confident that future periods will remain profitable.” Source: Irish Examiner