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Bord na Móna Looking to the Future

Annual Report launched this morning in Dublin -Securing the economic future of Midlands Communities

Dublin, Monday, July 20th, 2015. Bord na Móna this morning launched their Annual Report for year ended March 2015. Expressing his satisfaction with the results, John Horgan, Chairman said “The highlights for the year included, the successful recruitment of a new Managing Director, Mike Quinn, progressing the implementation of the Government’s decision on a partial merger with Coillte, bringing two new wind farms into operation within budget, instigating a new strategic plan to secure employment up to 2030, paying dividends of €11.2m and recording an operating profit of €52.4m, an increase of €2m from last year.”

Also speaking at the launch of his first annual report, Mike Quinn, CEO, Bord na Móna said: “Bord na Móna currently faces significant challenges. The report demonstrates the significant adverse impact that items such as the Carbon Tax, Carbon Credit Pricing, the private sale of timber and turf and Cross Border Fuel Trading have had on our operating profit performance. The environment in which we operate is coming under increasing pressure due to the lack of a level playing field.

In the medium term, we will face increased challenges in the cost effective supply of biomass to both our Powergen business and to the ESB peat stations post 2019, Pay by Weight in our Resource Recovery Business, the implementation of the Feedstock transformation programme and the expiry of the current long term Peat Supply Agreements.

Mr Quinn continued: “However, with such challenges come real opportunities for this company and the economic future of the Midlands. Our intent over the coming years is to optimise growth to become the leading player in every market that we operate, ensuring we are able to maintain current employment levels into the future, critical to the long term future of the Midland communities in which we operate.
The Annual Report Shows:

-Ends-

 

For further information, please contact:

Daithí de Róiste
Corporate Communications
Bord na Móna

087 612 3999
daithi.deroiste@bnm.ie

 

About Bord na Móna: Bord na Móna was initially established to develop Ireland’s peat resources for the economic benefit of the state. Today the company operates a diversified portfolio across five main business areas serving markets in Ireland, Britain, Mainland Europe and further afield. These business activities are based on both peat and non-peat products and services and principally cover the power generation, resource recovery, horticulture and home heating sectors.
For more information, visit www.bordnamona.ie