Operating profit before exceptional items was Euro 41.3 million in 2013 up from Euro 35 million in 2012. The increased contribution reflects increased sales volume and panel board prices.
Profit after tax increased to Euro 25.8 million up from Euro 15.3 million in 2012. These results include an exceptional charge of Euro 0.9 million compared with an equivalent charge of Euro 6m in the previous year.
In overall terms, the volume of logs sold to Irish sawmills increased 3% year on year while sales of panel products increased by 5%. The increased demand for logs reflected increased demand for sawn timber in the UK market whereas the increase in demand for panel products occurred mainly in Ireland and continental Europe.
Export sales accounted for 59% of Group turnover and 64% of this figure was sold into the UK market.
Acting Chief Executive Mr. Gerry Britchfield said: “Coillte delivered a strong financial performance in 2013, and I am pleased to report that we delivered an operating profit of Euro 41.3 million. 2013 proved to be a year of two halves for us - the first half of the year was extremely challenging with the UK market exiting slowly from recession, however there was a significant improvement in the second half of the year. We are forecasting a significantly improved trading environment across all business areas for 2014 and our ambition is to continue to deliver a strong profit performance for our shareholders. We have seen a good first half of the year to date and are looking forward to delivering on our targets for the full year.”
Coillte is a state-sponsored company in Ireland. Coillte is a commercial company operating in forestry, land-based businesses and added-value processing operations.