Airtricity pre-tax profits soar by 80%

PRE-TAX profits at the main arm of renewable energy company, Airtricity, last year increased by 80% to €28.4 million.

Accounts just filed to the Companies Office show that revenues at Airtricity Ltd increased by 51% from €208.7m to €315.2m in the 12 months to the end of March this year.

In October the Scottish-owned Airtricity announced the creation of 105 jobs at its Dublin headquarters in Sandyford.

The announcement brought to 500 the number of jobs created by the company since entering the domestic energy supply market in July 2009.

The company has seen a ten-fold increase in customers, from just 35,000 to over to over 350,000 customers in 12 months with plans to grow the customer base to 500,000 to March/April next year.

According to the directors’ report for Airtricity Ltd, “the strong results in the year reflect various factors including lower energy costs and a significant increase in customers during the year”.

The directors confirm that a dividend of €345,000 was paid during the year.

The figures show that the company’s cost of sales last year increased by 32%, from €178m to €263m, with the company’s operating expenses increasing by 58%, from €15m to €23.7m.

The filings show that the company’s operating profits increased by €13m, from €15.4m to €28.4m.

The company’s entire turnover is derived from the supply of electricity and gas in the Republic of Ireland.

The figures show that after tax of €1.8m was deducted, the company’s profits of €26.5m were added to the company’s profits.

The profits last year resulted in accumulated profits of €42.5m with shareholder funds totalling €58.5m. The company had €19.4m in cash in hand at the end of March. The company’s principal activity is the sale and purchase of renewable electricity and gas.

The figures show that the company’s staff costs last year reduced from €5.9m to €5m.

The directors state that “the principal risks facing the company are customer numbers, sales price and cost and availability of power”.

Scottish-based energy giant Scottish & Southern Energy purchased Airtricity for €1.1bn in January 2008 and the sale resulted in €150m being shared between 300 staff.

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