NTR breezes to 63% profit rise

NTR, the public infrastructure group, has reported a 63% rise in first-half profits, helped by growth at its wind farm division, Airtricity.

The company said profits had risen by €12.6 million, while earnings per share jumped by nearly 60% to 45.7 cents. Group turnover was ahead by 30% at €125.8m.

NTR, formerly National Toll Roads, said the increase in profits came mainly from Airtricity, which sold two wind farms earlier this year, adding 4m to NTR's profits. However, finance director Michael Walsh said excluding this gain, the other parts of the business had a good first-half.

NTR owns 51% of Airtricity, which saw its turnover climb to nearly €60m, accounting for nearly half of the total.

Airtricity added 1,200 new customers in the six months, bringing its total customer base to 27,600 in the Republic and 4,200 in Northern Ireland.

Mr Walsh said Airtricity was making progress on the construction of Ireland's largest offshore wind farm, off the coast of Arklow, Co Wicklow.

The company spent €92.5m in capital investment across its divisions in the six months to end June, including €49m on wind energy developments and €25m on landfill sites. The spending pushed group debt out to €205m.

NTR said turnover at the East and West-Link toll bridges in Dublin rose 25% to €21m.

The company said it was pleased with the business at its roads division, with volumes up 10% on last year.

Earlier this year, the company joined with the Celtic Roads Group consortium that will build the Dundalk Western bypass.

Greenstar, the company's waste management division, saw a 22% rise in turnover to €46m.

Greenstar, which has expanded rapidly through acquisition in

recent years, is building its second residual landfill in Knockharley, Co Meath and has planning permission for new landfill sites at Ballynagran, Co Wicklow, and Ballybaun, Co Galway.

The company did not break up the profitability of its individual businesses.

Irish Broadband, its internet subsidiary, saw its turnover rocket from €80,000 to just over €750,000.

NTR says Irish Broadband is now the third largest supplier of high-speed internet connections in Ireland.

Mr Walsh added that NTR was considering the company's future options, and did not rule out a flotation of the group.

However, he said the company would not appreciate approaches for any of the individual businesses.