Waste and energy group NTR has reported a loss of just over €280m for the year to the end of March, as it fully wrote down the value of its investment in its solar energy business Stirling Energy Systems.
This follows a decision earlier this year to limit funding to the solar business and sell off some solar projects.
NTR said revenue in its continuing businesses was up 35% on the previous year to €329.4m, mainly due to increases in its waste and wind energy businesses.
The group said its wind, recycling and ethanol businesses in the US performed well during the year, but its Irish waste business Greenstar was affected by lower waste volumes and reduced landfill prices.
NTR said its Celtic Anglian Water business was profitable, while National Toll Roads sold a number of businesses for €50m.
NTR's continuing businesses recorded a loss of just under €140m, including impairment charges, for the year, while there was a loss of €140.4m from discontinued businesses. NTR took a €42.4m hit from a writedown of the value of its solar business, and there was a charge of €62.2m linked to its waste management arm. Other impairment charges came to €28m.
Chief executive Michael McNicholas said NTR had taken a 'hard look' at all of its businesses, and had reduced development spending and costs across the group. he said it was now focusing of securing value from its core businesses. NTR is not recommending a dividend.
