Coillte’s turnover increases to €275m

Profits at commercial semi-state forestry company Coillte increased by nearly 70% last year.

The company’s turnover was also up on the previous year, from €262m in 2012 to €275m. The increase was largely the result of increased sales volume and panel board prices.

Acting CEO Gerry Britchfield said that the recovering UK market aided profits in the second half of the year.

“2013 proved to be a year of two halves for us — the first half of the year was extremely challenging with the UK market exiting slowly from recession, however there was a significant improvement in the second half of the year.

“We are forecasting a significantly improved trading environment across all business areas for 2014... we have seen a good first half of the year to date and are looking forward to delivering on our targets for the full year.”

The company’s annual report shows that profit after tax rose by €10.5m to €25.8m in the year. Coillte invested a 41.2m in capital expenditure.

Planning permission was also secured for a 33 megawatt windfarm in the Ballyhoura Mountains in Co Cork.

Mr Britchfield also reiterated Coillte’s commitment to the part merger with Bord na Móna which was announced earlier this week.

“Over the past two years Coillte has worked constructively with the Government to determine how best to capture the significant future opportunities for growth available to the company and optimise its performance and contribution to the State and we believe that the Government decision this week represents a practical approach to delivering additional value for the State as shareholder,” he said.