Northern Ireland's chief electricity provider, Viridian, posted marginally better-than-expected annual results yesterday, driven by increased sales from its operations in the North and the Republic and the return to profitability of its non-core software subsidiary, SX3.
Market analysts broadly welcomed the results, which showed a 15 per cent rise in annual profits to £80.5 million sterling (€114 million) coupled with a 7 per cent increase in turnover to £781.2 million from £730 million.
Net debt for the year was £40 million lower than forecast at £522 million, although this figure does not include the proceeds from the recent sale of the Moyle Interconnector for £122 million.
However, higher-than-anticipated interest charges and tax rates offset a rise in earnings per share.
The robust figures have boosted speculation that the company will build a second generator at its Huntstown plant in north Dublin.
Its share of the non-domestic energy supply market has grown to 25 per cent since the gas-fired generator came on to the market last November, helped by securing such blue-chip clients in the Republic as CRH.
Analysts believe Viridian is in "pole position" to exploit the loosening up of the domestic market, due to be fully opened by 2005.
The finances for building the second generator depend on the company winning a power purchase agreement tender from ESB.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)