Business Irish

Thursday 17 October 2019

Coillte delivers record financial performance

Pictured from left to right were Gerry Britchfield, Acting CEO of Coillte, Bernie Gray, chairperson and Fergal Leamy, outgoing CEO, at the announcement of Coilltes financial results for 2018
Pictured from left to right were Gerry Britchfield, Acting CEO of Coillte, Bernie Gray, chairperson and Fergal Leamy, outgoing CEO, at the announcement of Coilltes financial results for 2018
Ellie Donnelly

Ellie Donnelly

Semi-State forestry group Coillte delivered record earnings of €115m last year, up 35pc on the previous year.

The performance was driven by a €127m return on the sale of windfarms.

Operating profit jumped 47pc to €71.5m in 2018.

Meanwhile, the body generated record revenue of €330m, a 10pc increase year-on-year.

Chairperson of Coillte, Bernie Gray, said: "This strong performance by Coillte is the culmination of a transformation which has been taking place in the business over the last number of years."

"The transformation targets set by the management  team four years ago have been exceeded and Coillte is now positioned as one of the best forestry and land solutions companies in Europe."

The group's dividend paid to the State increased 87pc to €15m.

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