THE STATE’S leading private sector operator of asylum seeker accommodation generated pretax profits of €1.67 million in the 18 months to the end of 2009, recently filed accounts show.

This compares to profits of just €268,466 in the preceding 12-month accounting period.

During the period to December 31st, 2009, €500,000 was paid in dividends to Bridgestock’s shareholders, Séamus and Kathleen Gillen of Tullamore, Co Offaly.

The average number of people employed by the business rose to 177 from 163.

Bridgestock operates four accommodation centres in Mayo, Galway, Sligo and Athlone. Previously it ran a self-catering centre in Co Roscommon, but this closed during 2010. The company also provides ancillary services such as catering and security, and according to its accounts it has opened a retail outlet.

The provision of asylum seeker and refugee hostel accommodation has proved a cash cow for private businesses. Since 2001, the Government has spent in excess of €750 million housing asylum seekers through its direct provision system, with private firms winning most of the contracts.

In Bridgestock’s directors’ report, the Gillens said they considered the results for the period to be “satisfactory”. They believe there will be no growth in their provision of accommodation for asylum seekers but expect continued growth in their other activities. They noted the company operates in an industry affected by factors beyond its control, such as the Government’s immigration policy.

Bridgestock’s main competitors are Mosney, East Coast Catering Ireland and Millstreet Equestrian Services.