Bord na Mona report exceptional 236pc rise in profits to €33.5m
Published 21/07/2014 | 14:15
Bord na Mona has reported record profits for last year with a strong performance across the divisions in the group.
Operating profit more than doubled while profit after tax surged 263pc to €33.5m.
Turnover increased just marginally to €426.8m.
Gabriel D’Arcy, Bord na Mona chief executive, said the figures were a product of the company’s commitment to sustainable business operations.
“They are particularly encouraging as the group continues to expand into other more sustainable and non-peat related business areas,” he said.
The company said a significant focus during the year was on the continued expansion of the wind energy portfolio, with Mountlucas and Bruckana wind farm investments of €175m in total nearing completion.
They are expected to be generating revenue from the second half of this year.
2014 has also seen 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.
Bord na Mona chairman John Horgan said the company would be pressing ahead with a number of significant projects this year as part of its investment programme.