Viridian profits affected by closure of IFI facility

PROFITS at the Northern Ireland electricity power generator, Viridian were hampered in the first six months of the year by a near £1m bad debt incurred as a result of the closure of IFI’s production facilities.

However, the company would not comment on how much the actual debt was. Viridian Group Plc yesterday reported pre-tax profits for the six months upto September 30 of £29.8m up from £26.7m a year ago.

Company finance director Patrick Bourke said Viridian, owner of Northern Ireland Electricity, now has close to 25% of the newly-opened industrial and commercial markets in the Republic of Ireland.

The results were broadly welcomed by industry analysts yesterday with many focusing on the company’s 3% increase in dividends and its commitment to deliver growth.

Davy Stockbrokers analyst Jack Gorman described the interim results as solid.

Mr Patrick Bourke said that the asset value of its pension scheme, which has between 7,000 and 8,000 members, was £818m in March this year.