NTR reduces losses by 63%

CREATING a “solid platform for growth” is a priority for renewable energy firm NTR as it reports losses of over €48 million for the six months to the end of September.

However, this marks a 63% reduction on the losses of €135.7m reported in the same period last year.

Group revenues from continuing operations increased to €172.4m from €168min the period last year.

NTR said its Greenstar waste management business performed well despite challenges in the domestic market.

Chief executive Michael McNicholas said the focus for the company is on consolidating its portfolio of businesses, driving operational performance and growth in existing businesses, and redirecting capital into value-adding opportunities.

“This is starting to produce results and we are satisfied with the group’s performance in the first half of the financial year. We will continue to build on these results to create a solid platform for future growth,” he said.

The shareholder loss in the period was €41.2m compared to a loss of €94.9m in the first six months of last year.

It said its US-based wind, waste and ethanol businesses continue to perform well, with all recording revenue increases in the first half of the year.

Total assets over the period rose to €1.1 billion.

The group made a number of investments in the period, including completing its investment in roads, continued wind farms development and investment in its waste division.

NTR said it sold 3.5 million Green Plains Renewable Energy shares back to the company during the period, adding that it continues to be GPRE’s single largest shareholder at 23%.

It said cash resources remain strong at €66.9m and the movement from €112.4m at March 31 reflects its investments during the period.

It added that despite improvements in the group’s performance, the board does not recommend an interim dividend but continues to keep the dividend policy “under review”.