Friday 17 November 2017

Viridian Energy's profits triple to €46m

Energia operates the Huntstown Power Station in Dublin
Energia operates the Huntstown Power Station in Dublin
John Mulligan

John Mulligan

Profits at Energia owner Viridian Energy more than tripled to €46m in the 12 months to the end of last March, as revenue at the company rose €40m to €927m.

The huge profits come as Energia prepares to enter the residential electricity market this week.

The big increase in profits was attributable to lower gas prices that boosted the margins it made from customers, according to the company. It also made a €25m dividend payment to its owner.

The newly filed accounts for Viridian Energy show that it made the bigger profits despite its customers using less power and its customer base decreasing.

It said that in the last financial period the number of business customers on its books using its gas service declined to 4,300 from 4,600 a year earlier.

The number of electricity customer sites it serviced fell by 600 to 53,100. Its electricity sales volume fell 4.5pc in the period.

Energia's customers in Ireland include businesses such as motorway operator Eurolink, Mothercare, Ladbrokes and Carphone Warehouse.

RESIDENTIAL

The company announced before Christmas that it plans to hire an additional 100 people as it enters the residential electricity and gas market.

It has promised to deliver "significantly discounted" energy for customers when it launches this week. It has already been piloting the service in a number of homes.

Irish Independent

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