Profits at NTR blown back into the black

Pre-tax profits at renewable energy investment group NTR rose to €4.9 million in the first half of the year, reflecting consistent earnings from its US wind assets, coupled with reduced costs. The group reported a loss of €9m for the same period in 2013.

In the six months to September 30th 2014, revenues fell by 5 per cent to €19.3m, while earnings (EBITDA) of € 20.1 million was marginally ahead of the same period last year (€ 19.7 million), “reflecting stable year on year contributions by Wind Capital Group and Celtic Anglian Water and reduced head office costs”. Total assets stood at € 648.3 million compared to € 618.4 million at 31st March 2014, cash reserves were € 47.2 million and NTR continues to hold no debt at the centre. Earnings per share for the period was 5.1c, reflecting an increase of 4.6c on the same period last year (0.7c).

NTR chief executive, Rosheen McGuckian said that the results are in line with its previous guidance, which suggest that with stable revenues and continued tight management of costs, the group should record underlying profits of mid single-digit millions each year.

“In addition, we are making excellent headway in acquiring new wind projects that return double digit annual cash yields over 20 years and NTR expects to be in construction during 2015 on a number of projects,” she said.

During the first half of the year, the group advanced its investment in wind projects in the UK and Ireland and it is also in advanced stages on certain other potential wind project acquisitions in the UK and Ireland.

The group is also set to sell its US wind assets, “given current favourable market conditions and the quality and profile of the projects”. The process is expected to take some months to conclude.