Viridian profits up Ireland-wide

Northern Ireland-based power company Viridian Power & Energy has reported an increase in profits on both sides of the border.

In the North, turnover increased from £64.7m (€96m) to £78.1m (€116m). The company put this down to increased volumes in the eligible market, an increase in prices due to higher use of system charges and support levies and increased sales from renewable sources. Profits increased from £1.6m (€2.4m) to £3.9m (€5.8m).

In the Republic, turnover increased from £97.0m (€144m) to £127.9m (€190m), representing increased volumes in the eligible market supported by its facility at Huntstown, higher market prices following a 3% increase in ESB’s tariffs and increased sales from renewable sources. Profits increased from £4.8m 9€7.1m) to £14.4m (€21.4m)

Group turnover increased by 7% from £781.2m (€1.1bn) to £834.2m (€1.24bn). This was principally due to increased turnover from Viridian Power & Energy which increased revenues from £161.7m 9€240.6m) to £206m (€306.5m).