Coillte announced its annual results for 2015. The company delivered record earnings before interest, taxes, depreciation and amortization (EBITDA) of Euro 89.6 million up 12% on the previous year.
Profit of Euro 47.6 million was up 64% from Euro 29.1 million in 2014, while operating cash flow at Euro 6.5 million was up 48% on 2014.
During the year the board and management concluded a new, ambitious five-year growth strategy for the business which will see Coillte becoming the leading forestry and land solutions company in Europe.
Commenting on the results the Chief Executive of Coillte, Fergal Leamy said: “We are pleased with our financial and operational performance in 2015, which showed excellent progress across a number of key areas and is a really good start towards achieving our new five-year strategy to turn Coillte into the best forestry and land solutions company in Europe.
“The three businesses that have been created are very well positioned in the markets they operate in. Our core forestry division has the potential to be a European leader as the market for timber and fibre doubles over the next 10 years. Our Land Solutions business has created a significant platform to be a leader in renewable energy and our panels business, recently rebranded as Medite Smartply, has the assets and products to be the number one value added player in the markets for MDF and OSB. We have a great opportunity to deliver a consistent positive cash yield and return to our shareholders from these three businesses while at the same time maintaining the public benefits we provide.”
Coillte is a state-owned forest enterprisebased in Newtown Mount Kennedy, Ireland, and a commercial company operating in forestry, land-based businesses, renewable energy and panel products.