Viridian, the Northern Ireland power utility company, has reported a 5% rise in annual pre-tax profits, helped by strong growth at its main units and strong demand for electricity in Ireland.
Underlying pre-tax profits for the year ending March 31 rose to £112.5m sterling from £106.9m the previous year. Turnover increased by 7% to £834.2m from £781.2 in 2003.
The company also declared a final dividend of 24.20 pence, giving a total for the year of 33.66 pence. This 3.5% increase was at the top end of market expectations.
Viridian said increased profits from Viridian Power and Energy and Sx3 more than offset both the net loss of profits from businesses sold during the year and lower profits from NIE. The company's Huntstown plant in Dublin achieved better than expected availability and heat rate and Energia expanded its customer base in both Northern Ireland and the Republic of Ireland.
In the Republic, Viridian Power and Energy's turnover increased from £97m to £127.9m. Profits increased from £4.8m to £14.4m reflecting a full year contribution from Huntstown together with increased volumes and improved margins for Energia. The market here now accounts for 17% of the company's turnover.
