Turnover and profits are down at Bord na Móna, the semi-State peat and renewable energy company.

The company says it will invest €1.2bn in developing major infrastructural projects in wind, biomass and other renewable energy sources over the next 13 years.

Bord na Móna CEO Mike Quinn is leaving after less than three years in charge in October to take over at the semi-state gas and water utility Ervia but company results show he has made progress in accelerating the transformation from a reliance on peat to renewable energy operations at the company.

Mr Quinn has already set the pace for change with more wind and solar projects on the way with a new US biomass supply source.

However, in the meantime, turnover is back to 2015 levels, operating profit is down €13 million and the company is involved in a legal move in the UK after impairment and exceptional costs amounting to €14m have been included in the results due to problems following the acquisition of a horticulture business there.