Viridian first-half pre-tax profits flat at €95m

VIRIDIAN, the Northern firm that owns the Huntstown power plant in Dublin, has reported flat first-half profits.

It said pre-tax profits for the six months to the end of September were flat at £66.7 million (€95m).

At operating level, its interim profits were 32% higher on turnover, ahead by 11% at £412m.

The company said the Huntstown station in Dublin had performed well with profits at Viridian Power & Energy - its subsidiary that includes the Dublin power plant - nearly doubling to £16.3m on sales 20% higher at £120m. Its core Northern electricity business recorded sales of £252m and profits of £40m.

“It was a good set of figures, and Viridian Power & Energy is doing particularly well,” said Williams de Broe analyst Angelos Anastasiou, who has a “hold” rating on the stock.

Viridian said it has obtained planning permission for the second 400 megawatt station at Huntstown and has agreed a deal with the ESB to have the plant connected to the national grid.

It has struck a deal with Mitsubishi to build the €250m power station. Construction is expected to start early next year.