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Bord na Mona profits jump 263pc in year

Monday, July 21 12:57:14

Bord na Mona today announced record profits for year ended March 2014 with after-tax profits surging by a whopping 263pc to E33.5m.

The annual report, launched this morning by the company in Dublin, shows an operating profit that rose 114pc to E50.3m and core earningts (as measured by EBITDA) that rose 48pc to just under E91m while turnover came in at E426.8 million, a small increase on 2013.

Speaking this afternoon at the launch of the annual report, Gabriel D'Arcy, CEO, Bord na Mona said the results are particularly encouraging as the Group continues to expand into other more sustainable and non-peat related business areas.

A significant focus during the year was the continued expansion of the wind energy portfolio, with Mountlucas and Bruckana wind farm investments of E175 million in total nearing completion and expected to be generating revenue from the second half of this year. 2014 also saw the Drehid Landfill-Gas Utilisation Plant being commissioned in the Resource Recovery business, with capacity to provide energy for 8,500 homes across the Leinster region. Edenderry Power Station ran as a 25pc co-fired station (peat/biomass) for the year further contributing to Ireland meeting its RES-E targets. Solid fuel sales were also relatively strong, despite a negative impact resulting from the introduction of the Carbon Tax and a relatively mild winter.

Resource Recovery posted much improved results, reaffirming the strength of the business as it continues to emerge from an extremely challenging operating environment. Sustained efforts to reduce operating costs together with the investment in technology in recent years position this business well for further expansion opportunities, the State company said.

"In the coming year, Bord na Mona will be pressing ahead with a number of significant projects as part of our investment programme, with Mountlucas and Bruckana coming on-stream and the development of Oweninny Wind Farm (a joint venture with the ESB) also progressing. These significant infrastructural projects, combined with our drive for cost effective operations and continued focus on competitiveness and innovation across the Group, are part of our on-going sustainable business strategy. The results released today vindicate the company's strategy to build a sustainable future for Bord na Mona, its shareholders, employees and the communities in which we operate and serve," said John Horgan, Chairman, Bord na Mona.

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