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A Bord na Móna-owned bog in Tipperary. Julien Behal/PA Wire
Turf
It's official: Ireland is turfing out its bogs
Bord na Móna’s turnover and profits are down, but it’s happy to move away from peat.
BORD NA MÓNA has announced its annual results for the year ending March 2010, and has seen its profits down on last year.
Profits for the year were €23m, slightly down on the €23.8m from the previous year – a year-on-year drop of 3.36%.
Turnover was also down for the year, about €384m from last year’s €401.5m.
However, operating profits accounted for 6% of turnover – slightly up on 5.9% from the 2008 financial year.
The company‘s CEO, Gabriel D’Arcy, said the figures reflected “a very solid performance for Bord na Móna in a challenging business environment.”
D’Arcy said the results had been impacted by the severe flooding impacted over the winter, and that he was happy with the results based on the inclement weather.
“Overall, our 2009/10 results support our strategic decision to diversify the business of Bord na Móna away from a reliance on peat.”
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