Business Irish

Tuesday 23 September 2014

NTR announces profit of €31.4m, first profitable year since 2008

Published 11/07/2014 | 10:19

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Rosheen McGuckian
NTR Chief executive Rosheen McGuckian

UTILITIES firm NTR has reported a profit of €31.4m for the financial year 2014, its first such year since 2008.

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It reported a loss of €16.2m the previous year and the return to profitability was a result of a combination of strategies including cost reduction and cash generation..

Profit before non-recurring items and foreign exchange impacts was €7.9m while non-recurring items amounted to €30m.

EBITDA grew by 138pc year on year to €45.8m as a result of a full year of operations of the 201MW Post Rock wind farm and a strong operational performance by both the Group’s wind and water treatment assets, together with the removal of €8m in central overheads. Revenues grew to €45.6m in the same period, an increase of 29pc.

Chief Executive Rosheen McGuckian said: “2014 has been a very successful year for the Group and NTR has firmly returned to profitability.

"The year’s financial performance reflects the fact that we exceeded the objectives that were set in terms of operational performance, asset value protection, cost reduction and cash generation.

"We are recording an exceptionally strong profit for 2014 as a result of specific one-off deliverables, however we expect a baseline profit of single digit million euros post tax to be more in line with future performance in the near-term, before any profits arising from new investments or foreign exchange gains or losses are taken into account.“

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