Bord na Móna to create 300 jobs as it expands into renewable sector

BORD na Móna management yesterday played down talk of any “downsizing” at the company – as proposed by last week’s An Bord Snip Nua public sector pay review – by claiming it will double in size over the next five years and add at least 300 jobs over the coming two years.

The new jobs, for which recruitment has already begun, will cover green energy, resource recovery, renewable energy, community heating programmes and environmental products and services. The company – which is celebrating its 75th anniversary this year – will also make what it calls “significant capital investments” in a number of horticultural, environmental and electricity-based products and services in the coming years. Capital expenditure amounted to €29.3 million last year.

Yesterday, Bord na Móna reported a 6% increase in operating profit to €23.8m for the 12 months to the end of last March. Turnover grew by 8% to €401.6m and a dividend of €12.9m was paid to shareholders – which now include the Government and the company’s own staff, following the implementation of its employee share ownership plan at the end of last year.

Net debt fell by €40m to €56m as of the end of the fiscal year.

Meanwhile, last week’s McCarthy Report into government spending cuts proposed that Bord na Móna be privatised. The company’s management palmed off the issue, after yesterday’s annual general meeting, by saying the issue was a shareholder matter.

“Everything which we have done has been within our mandate and has been approved by our shareholders in advance. At the moment, the report is just a set of proposals,” Bord na Móna’s finance director, Michael Barry said.

Turnover at Bord na Móna has grown from €200m to €400m in the last five years and the company’s chief executive, Gabriel D’Arcy said yesterday a doubling could be expected over the next five years.

The company’s peat resources are also likely to be depleted fully within the next 25 years. Yesterday’s launch of the company’s latest annual report also included its new sustainability report – acting as its blueprint for survival and growth.

Over the course of the next five years, Bord na Móna is aiming to become the market leader in organic waste recovery here and the main name – across Ireland and Britain – in the area of sustainable horticultural products.

Becoming a global player in the “clean air industry” and the top player in wastewater treatment is also on the agenda, as is the target of providing 500MW of wind energy by 2020.

“Everyone within the organisation is committed to and focused on demonstrating how sustainability can be an engine for growth in Ireland. We’re currently on track and excited about the future of the company,” Mr D’Arcy said.