NTR slashes losses 330%

Irish renewable energy group, NTR managed to slash its pre-tax losses by nearly 330% last year.

The Dublin-headquartered group, which has largely re-aligned its primary focus on the wind energy market, yesterday reported losses of €88.8m for the 12 months to the end of March. This figure was significantly down from the €381m losses generated in the preceding financial year.

Chief executive Michael McNicholas, who took over the running of the company last year, said progress had been made during the first year of the new board’s three-year growth strategy, but warned that “against the backdrop of a very uncertain global economy, many risks and challenges remain to be dealt with.”