independent

Saturday 19 April 2014

Profits at Airtricity soar to €13.3m

PRE-tax profits at Airtricity soared to €13.3m in the year to the end of March, figures show.

The renewable electricity and gas company suffered a loss of €13.8m the previous year, with lower energy costs and an increase in customers attributed for the turnaround in fortunes.

News of the profits comes just months after almost half a million Airtricity customers incurred a price hike in their annual household energy bills in October, as the company increased electricity prices by 4.7pc and gas by 8.5pc.

Average electricity bills jumped €49.92 a year, while gas prices jumped €69.16.

The company did not comment yesterday on the figures

Accounts filed with the Companies Office show that Airtricity has net assets worth €43.1m.

Workers

The number of workers on its books increased from 216 in 2011 to 334 in the year to the end of last March. Payroll costs totalled €12.45m.

Debt due for repayment within a year of the accounts stood at €150m, including a €15,000 share dividend.

The company announced its price increase last September insisting it was unavoidable.

It blamed factors which it claimed were out of its control including the increase in gas and electricity pass through costs and the value of the euro versus sterling.

Customers on pre-payment meters were not affected by the price increase.

About 370,000 domestic electricity customers were affected, as well as roughly 110,000 customers who have both domestic gas and electricity.

Some 75,000 customers are in arrears with payments of more than 60 days. About 10pc are in payment arrangements, including about 4,500 who are on pre-payment meters.

Irish Independent

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