Viridian remains powerful

Power procurement business Viridian has announced its FY’03 results, exceeding broker expectations by 7% with operating profits of £111.7m (€165m). .

This was partly due to increased sales from its subsidiary – Energia – which increased its share of Ireland's electricity market.

Viridian said that both Energia and Huntsdown - its north Dublin power station -have contributed profits of £6.4m (€9m) up from £2.4m (€3.8m) the previous year.

They reported that their Sx IT business has returned to profit of £3.4m (€4.8m) compared to a broker forecast of £1m (€1.4m).

The company also disposed of a substantial amount of its property portfolio, indicating progess in its strategy to concentrate on energy businesses within the island.