Airtricity parent SSE goes into profit

SSE Renewable Holdings turns around thanks to €90m in dividends from subsidiaries

The Airtricity wind farm on the Arklow Bank.  Photograph: David O’Brien

The Airtricity wind farm on the Arklow Bank. Photograph: David O’Brien

 

Dividend payments from subsidiaries of almost €90 million turned Airtricity parent SSE Renewable Holdings from a loss maker to a profitable business this year, the latest figures show.

Accounts just lodged for the company, which is an Irish-registered subsidiary of Scottish-based utility SSE plc, show its profits for the 12 months ended March 31st were €199.8 million, in contrast to a loss of €7.9 million the previous year.

SSE Renewable Holdings owns electricity and gas supplier Airtricity along with a range of wind farms, generating plants and power suppliers in Ireland, Britain and elsewhere.

Its figures show that during the 12-month period a number of its subsidiaries paid it dividends and other income totalling €88.2 million. It received no such payments during its 2013 financial year.

Operating income of €23.5 million and interest payments of €11.5 million from its parent left it with a pre-tax gain of €123.2 million. A tax bill of €3.4 million left with a surplus for its 2014 financial year of €119.8 million. The group had an operating loss of €13.9 million in 2013, although this was eased by an interest payment from its parent of €18.7 million.