Viridian in the black as Huntstown power plant continues to perform well

NORTHERN Ireland energy group Viridian has reported double digit increases in sales and profits for last year.

Its Huntstown power plant in Dublin continued to perform well.

As a result further investment, its Dublin site was core to the company’s strategy. Huntstown made a significant increase in its contribution to group profits, Viridian said, when it announced full-year results yesterday.

Construction will start on a 400MW capacity plant at the Huntstown site this summer, with commissioning targeted for autumn 2007, the company said in a statement accompanying its results.

In the year to March, 31, 2005, the group achieved a 13% increase in turnover which rose to £943.7m (€1,374.6m) against £834.2m (€1,214m) the previous year. Underlying pre-tax profits rose 15% to £129m (€187.8m) from £112.5m (€163.1m).

Earnings per share were ahead by 14% to 60.8 pence.

A final dividend of 25.34p has been declared giving a total dividend of 35.18 pence - a 4.5% increase year on year.

Profits at its Transmission and Distribution operations fell to £71.4m from £73.9m, reflecting the reduction in price control revenues with a higher depreciation charge and an increase in provisions required for further employee reductions.

NIE Supply’s profits increased to £6.4m from £5.8m the previous year as a result of reduced operating charges from lower staffing levels.

Viridian Power and Energy’s profits rose 38% to £25.2m from £18.3m reflecting better volumes in general and higher profits in the Irish Republic.

Energia, the group’s supply business, grew its customer base as markets North and South were opened up further to competition.

In the Republic, Energia has maintained its market share of 33% by volume, of the larger energy-user market, supplying about 300 customer sites.

In the small to medium end of the market its share rose 6% delivering supplies to 11,200 customer sites by the year end.

The good results reflected a strong focus on the development of the energy market across the island, said chief executive, Patrick Haren.

The all-Ireland market was very important to growth opportunities, he said.

Viridian shares were down one cent to €10.74 in Dublin by late afternoon.