Irish renewable energy investor and asset management group NTR witnessed a dramatic upturn in its financial performance last year having increased profits by €47.5m.
The group recorded a profit of €31.4m for the financial year ending March 2014, having posted a loss of €16.2m 12 months previously.
The strong performance of wind and water assets as well as a substantial reduction in overheads contributed to the reversal in fortunes.
Commenting on the results, NTR chief executive, Rosheen McGuckian said the group had exceeded its key targets for the year and is continuing to see strong profits this year.
“2014 has been a very successful year for the group and NTR has firmly returned to profitability. The year’s financial performance reflects the fact that we exceeded the objectives that were set in terms of operational performance, asset value protection, cost reduction and cash generation.
“We are recording exceptionally strong profit for 2014 as a result of specific one-off deliverables, however we expect a baseline profit of single digit million euros post tax to be more in line with future performance in the near-term, before any profits arising from new investment or foreign exchange gains or losses are taken into account,” said Ms McGuckian.
The strong performance of the 201 megawatt Post Rock wind farm in Kansas, USA as well as the group’s wind and water treatment assets helped profits increase dramatically.
Revenue increased too, by 29% from €35.3m to €45.6m in the year. The firm also cut its overheads by €8m; to a level just one third of those in 2010.
The year was the group’s first profitable 12-month period in six years.
The return to profitability was aided by non-recurring items worth €30m. These items included the sale of the 150MW Osage wind project in Oklahoma, USA for €44m.
The group warned that despite the strong figures, the two road assets in which it retains a 33% shareholding remain challenged despite an increase in traffic levels.
In December 2012, NTR sold off most of its road assets in a deal worth €50m but retained an interest in toll road projects on the N25 at Waterford and M7/M8 at Portlaoise.
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