Tetra Communications profits increase by 50% to €23m

Pre-tax profits at the company that operates the State contract to provide secure communications among emergency services and other State agencies last year increased by 50.5 per cent to €23.4 million.

Latest accounts filed by Tetra Ireland Communications Ltd show that the company recorded the increase after revenues rose by 48 per cent to €55.9 million in the 18 months to the end of December last. The prior reporting period was for 12 months.

Tetra owns and operates the State's National Digital Radio Service (NDRS) and its users include airport operator DAA, Revenue, An Garda Síochána, the Irish Prison Service and the Irish Coastguard.

The Government contract has been extended until December 2027 and the directors state that the company is of the view that it will continue as the provider for the emergency communications services until at least the end of December 2032.

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Earlier this year, Eir agreed to sell its majority 56 per stake in Tetra Ireland in a €76 million deal.

Tetra paid out a dividend of €10 million last year, having paid a dividend of €14 million in the prior reporting period.

The directors state that during the period to December 2021, a number of additional emergency service organisations went live on the NDRS contract while the company continues to increase users from existing agencies.

They state that the “Emergency Services Digital Radio (ESDR) licence has been renewed until August 2022”.

On the impact of Covid-19, the directors state that “the telecommunications sector has been largely insulated from the worst effects of Covid-19 and so has the company”.

Numbers directly employed by the company last year increased by three to 16 as staff costs rose from €1.95 million to €2.93 million.

The profit takes account of non-cash depreciation costs of €2.5 million. At the end of December last, the company had accumulated profits of €10.8 million. Its cash funds reduced from €11.1 million to €3.34 million.