Pre-tax profits at SWS Group up 32%

THE Bandon-based SWS Group has reported good progress across its range of businesses in 2005.

SWS, which was involved in takeover talks with IAWS Co-op last year that came to nothing, operates in the core areas of energy, waste, business process outsourcing and business services.

Announcing the results yesterday group chairman Raymond Collins said: “We continue to make very significant progress against the ambitious targets we set ourselves in our corporate development strategy and have positioned ourselves for strong growth ahead.

“Our commitment to research and development and strategic planning is paying dividends in the context of us achieving our key goals of enhancing shareholder value and positioning ourselves in key growth sectors.”

SWS announced pre-tax profits of €5.6 million for 2005, a 32% increase on the previous year.

Sales rose 29% to €30.7m while the group spent €31m on capital projects and a further €1m on research and development. During 2005 the group commissioned two windmills, a 19.5 MW development in Clare and a 9.5 MW development in Cork.

The 45MW development at Kilgarvan will be fully commissioned in the coming weeks. Kilgarvan will be one of the largest windfarms in the country and will use one of the largest commercial turbines in Europe, the group said.

The group is currently involved in windfarm projects involving a total investment of €400m.

Elsewhere it has received planning permission to build a €12m waste transfer station and sludge drying facility in Youghal, Co Cork.