Irish renewables group NTR has booked a €72.6 million profit for the first half of its 2016 financial year.
In a statement this morning, the company says the gain – which is up €67.2 million from the same period a year earlier – is down to the sale of its US wind farms completed earlier in the year.
According to the half yearly results, shareholders’ funds increase almost 30% to €226.6 million with assets including cash and European wind projects at €280.8 million. The company’s cash reserves stand at €177.1 million.
The Dublin-based outfit has also confirmed that it will press ahead with a demerger today, which will see it create a specialised renewables division separate to its other business interests renamed Atlas Investments.
Over the last six months NTR has acquired 42MW of construction-ready onshore wind projects across Ireland and the UK.
A further 23MW in acquisitions are due to be announced.
NTR’s Chief Executive Officer Rosheen McGuckian said the profits will see the demerged wind business continue its acquisition spree.
“We are pleased to report a very healthy profit for the Group and to be in a position to present shareholders with the opportunity to avail of the share redemption of €2.25 per share, while ensuring that Altas Investments plc is put on a sound financial footing prior to the demerger,” she said.
“The NTR executives will now move with the demerged business (“demerged NTR”) and continue with our plans to acquire, build and operate wind projects across Ireland and the UK.”
Image: US wind farm (NTR)
