Bord na Móna Announces Strong Annual Results in Challenging Economic Environment for 2010/11

EBITDA of €72.7m 12.6% up (+ €8m) Profits after tax increased by 23% to €12.9m (+ €2.5m) Turnover was marginally down 0.6% to €382.1m Group actively progressing diversification with major projects in renewable energy and water supply
 
July 18, 2011 - PRLog -- Bord na Móna today announced its annual results for last year (year ending March 2011) with EBITDA up by 12.6% to €72.7 million from €64.6 million the previous year and profits after tax increasing by 23% to €12.9 million from €10.5 million.
Turnover was €382.1 million, marginally down 0.6% from €384.4 in 2009/2010. A dividend of €3.5 million was paid to shareholders
The average number employed in the group was down slightly from 2,136 to 2,122.
Bord na Móna Group CEO, Gabriel D’Arcy, said: “Bord na Móna recorded increased earnings growth last year for the fifth year in a row in what are extremely challenging economic circumstances. 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. 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.
Significant progress was made on our “Strategy for Growth” for our combined Horticulture and Green Fuels businesses, presenting us with real opportunities to build on our current businesses in Ireland, UK, and mainland Europe”.
In the year ended March 2011, Bord na Móna took a number of significant steps in progressing the vision for the Group, including:

•   Bringing into commercial operation the 116 MW peaking plant installation at Edenderry
•   Obtaining planning permission for the construction of two major wind farms; 80 MW at Mount Lucas, Co Offaly, and 40 MW at Bruckana on the borders of Laois, Tipperary and Kilkenny
•   Concluding a joint venture agreement with ESB for the development of the initial phase of a wind farm at Oweninny, Co Mayo, providing a further 172 MW
•   Expansion of our programme to use biomass to generate electricity using 130,000 tonnes of mixed biomass in the year
•   Receiving grid connection offers for all three wind projects amounting to some 490MW
•   Launch of Growise growing media range
•   Launch of FireMagic FireMaker ignition product
•   Completion of a ‘Strategic Land Use Framework’ to enable decisions to be made on the future development of our land    
•   Publication of Bord na Móna’s Biodiversity Action Plan 2010-2015, setting out projects and activities designed to enhance biodiversity on the company’s lands


Bord na Móna Chairman Fergus McArdle, said “I am pleased to report that the company delivered a very sound financial performance last year in very testing economic circumstances. We had a very clear focus on maximizing returns from our existing businesses while pursuing opportunities for the company to diversify in areas outlined in our strategy “A New Contract with Nature”.
Mr McArdle concluded “The strong performance of our business divisions continue to provide us with a path of profitability despite the general economic downturn, the reduction in disposable incomes and unfavourable weather patterns. I would like to pay tribute to Gabriel D’Arcy and his management team and all our employees for their dedication and hard work in delivering another good year for Bord na Móna despite the many challenges we have faced.”


New Corporate Website

A new website, www.bordnamona.ie, will go live today to coincide with the Annual General Meeting. It links up all the existing websites of the company into one more comprehensive site that is easier to navigate for the user.

To view a detailed breakdown of each business, please visit www.bordnamóna.ie


For more information contact: 


Michael Parker
mobile 086 853 0007

Brian Purcell
mobile 087 967 8921

Insight Consultants
office 01 293 9977

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The Bord na Móna group was established to develop Ireland‘s peat resources in the immediate post War years but it is now active across a range of industries with innovation at its core. Its new vision is "A New Contract With Nature"
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