Bord na Móna sees profits rise 23pc to €12.9m

The Irish utility said its turnover for the year was flat at €382.1m, while earnings before tax rose by 12.6pc to €72.7m. This marks the fifth year-in-a-row that earnings growth has increased.

Following the “strong annual results” the company paid a dividend of €3.5m to shareholders.

Bord na Móna said the strong results came despite the challenging economic environment and a difficult year for its fuel business.

Briquette sales volumes were down 17pc as more people turned to privately harvested turf and wood products.

Coal volumes also suffered as cheaper imports entered the market, said Born na Mona in a statement this afternoon.

“The biggest challenge facing all of us operating in the retail environment is the changing attitudes of the consumer. The economic downturn is impacting behaviour and consumers are constantly seeking out value solutions to their everyday needs. This is particularly the case in a basic need category such as home heating. We are developing marketing and product development plans to address these issues.”

Further to this, the group says it is actively progressing diversification with major projects in renewable energy and water supply.

“We are on course to meet our growth strategy through diversification. We want to strengthen and streamline our existing businesses and grow further by investing in new long-term sustainable opportunities such as renewable energy and water,” said CEO Gabriel D’Arcy. “We have made significant progress towards achieving these goals during the year. The company is in a new phase of diversification with a very clear focus on sustainability and innovation.”

During the year, the group obtained permission for the construction of two major wind farms and expanded its programme to use biomass to generate electricity.

The group currently has 2,122 employees.

Meanwhile, the company has launched a new website – www.bordnamona.ie – today.

Image – Gabriel D’Arcy