Brendan McGrath, chief executive of Gaelectric by Keith Arkins

Brendan McGrath, chief executive of Gaelectric by Keith Arkins

Turnover at renewable-energy firm Gaelectric more than doubled in its last financial year to €12.7m, but its operating loss widened to €7.3m, according to accounts just filed for the business.

The company posted a pre-tax loss of €8.6m after a large exceptional gain in the previous year was not repeated.

In its previous financial year, Gaelectric recorded a €16m exceptional gain from the sale of a financial asset.

With energy assets in Europe and North America, Gaelectric said that it generated €9.9m of its turnover last year from the sale of electricity and €2.3m from fee income. Those figures compared to €3.8m and €451,000 respectively in the previous financial year.

Gaelectric's net debt soared to €172m at the end of March last year from €68.7m a year earlier. It had net assets of €14m at the end of last March, compared to €26.4m at the end of the previous year.

"The directors believe that the group is well-placed to manage its funding requirements successfully," the accounts note. The company is headed by chief executive Brendan McGrath.
 

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