The company’s profits rose from €19.6m to €22.4m last year, despite a recorded turnover of €213.79m being lower than the 2005 figure.
Moreover, Coillte said it expected its turnover to increase by more than 50% in 2007 following the acquisition of Medite Europe Ltd for €66m, which is hoped will help lead to sales of €300m.
“Following an excellent year which saw increases in profits and a major acquisition, we have entered a new phase in Coillte’s growth,” said company chairman Brendan McKenna. “We are looking to grow the business in each of our core areas of activity.”
Mr McKenna added that Coillte’s new divisional structure, which saw the company reorganised into Coillte Forest, Coillte Enterprise and Coillte Panel Products at the end of 2006, would also help to facilitate business growth.
