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ESB profits surge to E415m in 2013

Friday, March 14 10:38:34

The ESB this morning announced profit after tax excluding exceptional items of E415m in its Annual Report for 2013 - a 23pc increase on the previous year.

It said that key drivers underpinning the increase in 2013 profits include payroll savings of E51m for the year and increased revenue.

Driving down costs remained a core focus of the group in 2013 with the Performance Improvement Project achieving over E250m in recurring annual savings since 2010, against a target of E280m by 2015.

Chairman Lochlann Quinn said: "Despite difficult economic conditions and increasing competition, these results reflect a very solid performance across the group. ESB has protected its financial strength, which allows us to continue to fund critical energy infrastructure projects, compete effectively against international players and grow our business in the integrated GB / Ireland market. ESB continues to play an important role in the Irish economy and deliver benefits to its stakeholders."

It said it paid an interim dividend of E68.4m and also a special dividend of E161m in January from the proceeds from the sale of overseas generation assets last year.

The ESB board has recommended a final dividend payment of E29.8m to the Government. This brings the total dividends for the past ten years to E1.2 billion.

ESB said it directly contributed over E2 billion to the Irish economy through dividends, investments, taxes and jobs. It employs 7,500 staff and more though contractors and service providers.