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16/05/2002
Viridian announce results after 'challenging year'
Viridian Group Plc have announced an increased turnover in their end-of-year report despite writing down £71.9 million in goodwill charges.
Viridian's turnover increased 14% for the year, up £58.9 million to £730 million resulting mainly from strong performances by NIE and Energia. However, a massive write-down in amortisation, deferred tax and exceptional charges elsewhere effectively reduced the company's operating profit by £10 million to £97 million.
Chief executive Patrick Haren said: "This has been a challenging year for the business. However, we have made progress on a number of fronts, particularly in positioning the business to take advantage of the opportunities provided by energy market liberalisation in both Northern Ireland and the Republic of Ireland."
Acquisitions by subsidiary company Sx3 and further write-downs for its telecoms venture nevada tele.com Ltd have seen the overall net debt swell to £535.2 million from £368.9 million on the previous year.
Despite the burgeoning debt pile, Patrick Haren was confident that the company would benefit in the future for the tough decisions taken in this financial year.
"We expect to see continuing progress across a range of issues. We are working with Ofreg towards achieving a satisfactory conclusion to NIE price review. Following the specific actions we have taken to address profitability, we look to see improvement from Sx3," he said.
Mr Haren went on to say that now the Moyle Interconnector was operational and Huntstown was due to come on line – assets which the company ploughed £234.9 million into – Viridian could concentrate on capitalising on the competitive energy markets.
(GMcG)
Viridian's turnover increased 14% for the year, up £58.9 million to £730 million resulting mainly from strong performances by NIE and Energia. However, a massive write-down in amortisation, deferred tax and exceptional charges elsewhere effectively reduced the company's operating profit by £10 million to £97 million.
Chief executive Patrick Haren said: "This has been a challenging year for the business. However, we have made progress on a number of fronts, particularly in positioning the business to take advantage of the opportunities provided by energy market liberalisation in both Northern Ireland and the Republic of Ireland."
Acquisitions by subsidiary company Sx3 and further write-downs for its telecoms venture nevada tele.com Ltd have seen the overall net debt swell to £535.2 million from £368.9 million on the previous year.
Despite the burgeoning debt pile, Patrick Haren was confident that the company would benefit in the future for the tough decisions taken in this financial year.
"We expect to see continuing progress across a range of issues. We are working with Ofreg towards achieving a satisfactory conclusion to NIE price review. Following the specific actions we have taken to address profitability, we look to see improvement from Sx3," he said.
Mr Haren went on to say that now the Moyle Interconnector was operational and Huntstown was due to come on line – assets which the company ploughed £234.9 million into – Viridian could concentrate on capitalising on the competitive energy markets.
(GMcG)
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