NTR half-year profits reach €72.6m

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 its European wind business become a new company that will retain the name NTR, while legacy assets of the type on which the company was built as a toll roads business will be part of a new company called Altas 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.

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