Bord na Móna have published their annual results for 2011 which show a marginal increase in total revenue. The figures also show EBITDA was down by 15.9 percent to €61.1m from €72.7m resulting from the closure of West Offaly Power Station while a refit was being carried out and reduced fuel sales resulting from a record mild winter.
Additionally, the company recorded a loss before tax of €2.9m, primarily due to a write down of €23.1m in the value of AES, the waste management company Bord na Móna acquired in 2007, reflecting the experience of other businesses in the industry due to the general downturn in the waste market.
Results also show that the group had a strong cash flow before capital expenditure of €42.1m; turnover was €383.8m, a marginal increase of 0.5 percent from €382.0 in 2010/2011; and the average number employed in the group increased marginally to 2,141 from 2,112.
Bord na Móna Group CEO, Gabriel D’Arcy, said: “This was an extremely resilient performance by a company performing well despite an unusual combination of environmental, economic and industry-based challenges, most of which were outside our control. These results add further impetus for the group to diversify and this year we can report that we have achieved real progress in this area. We continue to drive change and operational efficiency across the company. As part of this we have streamlined our retail operations in fuels and horticulture into one new business unit.