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15/05/2003
Viridian's year-end pre-tax profits rise to £80m
Viridian Group’s year-end results have revealed a £50 million increase in turnover, up from £730 million in 2002 to £781 million.
Profits on the back of this turnover increase were up from ££80.5 million in the last financial year to £69.8 million.
Patrick Haren, Chief Executive, Viridian Group: “The Group has made good progress during the year and we have addressed successfully a number of significant challenges.
“We have agreed the Transmission and Distribution price control as well as price control extensions for NIE’s other businesses. Turnover increased by 7% from £730 million to £781.2 million. This was primarily due to increased turnover from Energia in the Republic of Ireland and we are well placed to maximise our position in competitive electricity markets in Ireland.
“Huntstown has been completed and is in commercial operation and we have a potential opportunity to invest in further generation capacity to enhance Energia’s position in competitive markets in both Northern Ireland and the Republic of Ireland.
“Outside the energy sector, we have seen a positive improvement in the performance of Sx3. Our exits from Open + Direct Consumer Financial Services, nevada and the Moyle Interconnector enable an important refocusing of both senior management and financial resources.”
NIE Transmission and Distribution made operating profits of £76.2 million compared to £73.5 million last year through continued reductions in costs.
Specialist infrastructure service business, NIE Powerteam delivered increased operating profits of £2.4 million (2002 - £1.7 million) as a result of increased external sales.
Among other keys businesses in the Viridan portfolio are the Huntstown generating plant and the Energia electricity supply distribution company. In the current annual contracting round, which runs from November 2002 to October 2003, Energia signed contracts with industrial and commercial customers in the RoI for more than 90% of Huntstown’s output, taking Energia’s market share to some 25% in the competitive market in the Republic of Ireland. The remainder of Huntstown’s output is being exported to Energia’s customers in Northern Ireland.
Last year the Moyle Interconnector, which completed its first full year in commercial operation, contributed an operating profit of £6.4 million. In April this year Viridian completed the sale of the Interconnector to Moyle Holdings.
Viridian reported that Sx3, the group’s IT and business process outsourcing company, returned to profitability – making £3.4 million.
Though as the result of a number of disposals – Open + Direct Consumer Financial Services in April 2002, our 50% shareholding in nevada in November 2002, and a substantial part of our remaining property portfolio in December 2002 – Viridian have significantly curtailed activities outside the energy sector.
(SP)
Profits on the back of this turnover increase were up from ££80.5 million in the last financial year to £69.8 million.
Patrick Haren, Chief Executive, Viridian Group: “The Group has made good progress during the year and we have addressed successfully a number of significant challenges.
“We have agreed the Transmission and Distribution price control as well as price control extensions for NIE’s other businesses. Turnover increased by 7% from £730 million to £781.2 million. This was primarily due to increased turnover from Energia in the Republic of Ireland and we are well placed to maximise our position in competitive electricity markets in Ireland.
“Huntstown has been completed and is in commercial operation and we have a potential opportunity to invest in further generation capacity to enhance Energia’s position in competitive markets in both Northern Ireland and the Republic of Ireland.
“Outside the energy sector, we have seen a positive improvement in the performance of Sx3. Our exits from Open + Direct Consumer Financial Services, nevada and the Moyle Interconnector enable an important refocusing of both senior management and financial resources.”
NIE Transmission and Distribution made operating profits of £76.2 million compared to £73.5 million last year through continued reductions in costs.
Specialist infrastructure service business, NIE Powerteam delivered increased operating profits of £2.4 million (2002 - £1.7 million) as a result of increased external sales.
Among other keys businesses in the Viridan portfolio are the Huntstown generating plant and the Energia electricity supply distribution company. In the current annual contracting round, which runs from November 2002 to October 2003, Energia signed contracts with industrial and commercial customers in the RoI for more than 90% of Huntstown’s output, taking Energia’s market share to some 25% in the competitive market in the Republic of Ireland. The remainder of Huntstown’s output is being exported to Energia’s customers in Northern Ireland.
Last year the Moyle Interconnector, which completed its first full year in commercial operation, contributed an operating profit of £6.4 million. In April this year Viridian completed the sale of the Interconnector to Moyle Holdings.
Viridian reported that Sx3, the group’s IT and business process outsourcing company, returned to profitability – making £3.4 million.
Though as the result of a number of disposals – Open + Direct Consumer Financial Services in April 2002, our 50% shareholding in nevada in November 2002, and a substantial part of our remaining property portfolio in December 2002 – Viridian have significantly curtailed activities outside the energy sector.
(SP)
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