West Link sale boosts NTR profits

At the pre-exceptional level, however, profits for the six months ended 30 September 2007 fell from €9.4m to €6.5m.

Losses at the group’s biodiesel operations in Germany, where the market has been extremely competitive, were responsible for the sharp dip in profits, the company said.

NTR reported strong performances from its wind energy business, represented by Airtricity, and its waste business operations under Greenstar.

Despite the profit slowdown the group has declared a 10% hike in its interim dividend to 1.82 cent a share.

“The completion of the sale of West Link to the NRA resulted in an exceptional pre-tax profit of €420.4 million,” said Michael Walsh, group finance director.

The operating profit performance over the period was driven by “strong operating performances in our Greenstar and Airtricity businesses, offset by losses in our Bioverda business”, he said.

During the first half, the waste management group Greenstar (Ireland), completed the acquisition of three further companies and in Britain finalised the purchase of Network Waste Solutions, a Norfolk-based waste brokerage business.

It also invested £7 million (€9.8m) in the development of a large materials recycling facility near Birmingham, due to open in early 2008.

In the US its waste management arm completed two further acquisitions to extend its reach in that market.

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