Bord na Móna profits down to €23m

Bord na Móna today announced its annual results for the year ending March 2010 with operating profits of €23m compared to €23.8m the previous year.

Turnover was €384m, marginally down 4% compared to €401.5m in 2008/2009.

Operating profits as a percentage of turnover stood at 6% compared to 5.9% the previous year.

Total numbers employed in the group were on average 2,136, up 72 on the 2,064 figure last year.

A dividend of €5m was paid to shareholders.

Bord na Móna CEO Gabriel D’Arcy said: “These figures reflect a very solid performance for Bord na Móna in a challenging business environment.

“Despite the unprecedented weather impact on our feedstock supply and stock losses due to severe flooding we managed to produce a result in line with our expectations.

“Overall, our 2009/10 results support our strategic decision to diversify the business of Bord na Móna away from a reliance on peat. There were a number of milestones in 2009 that are worth noting in this regard.

Turnover from sustainable activities increased by 11% from €66.5m to €74m.

“I am pleased to report that the outlook for 2010 is shaping up well. We are making progress on a number of potential new investment opportunities in our existing core business and in some new green technology areas.

“Bord na Móna’s 2009/2010 results represent a very solid performance against a backdrop of a highly competitive marketplace and particularly challenging weather conditions.

“We remain determined to continue to deliver our strategic plan in a sustainable and prudent fashion and we are confident that we will make further substantial progress in 2010/11.

“Innovation will continue to be the key enabler of our diversification and growth ambitions”.