Electricity group Viridian has beaten market forecasts with results for the six months to September 30th showing pre-tax profits rising to £54 million sterling (€77 million) from €30 million in 2002.

A major rise in profits from its operations in the Republic helped to boost overall profitability. Group operating profits from the Republic rose from about £100,000 to £7.7 million.

The company operates the Huntstown plant in west Dublin. Another subsidiary, Energia, sells electricity to customers in what is known as the "competitive" market. Viridian said the Huntstown plant continued to achieve high availability in line with expectations.

Turnover at the company overall was £371 million, up from £340 million in the same period in 2002.

Merrion Stockbrokers described the overall results as "well ahead of expectations".

The company's own broker, Goodbody Stockbrokers, had forecast operating profits of £46.6 million, but these came in at almost £50 million.

The results helped push the shares up 3 per cent in London, where they closed at £5.65.

According to analysts, if Viridian wins the current competition to construct a new power station in the Republic, it will provide the basis for a major new revenue stream. The announcement of who has won this competition is expected to be made later this month or in early December by the Commission for Energy Regulation.

According to Davy analyst Mr Jack Gorman, developments will happen rapidly if Viridian's bid is successful.

"If Viridian wins, then we expect the company to begin commissioning a second plant at Huntstown. If the contract is granted to another party, then Viridian may defer its own investment decision - one of the interim options it may consider would be to return value to the shareholders."