The company reports that it made a profit of €47.6m after interest, taxes, depreciation and amortization. This is up 64% from €29.1m in 2014, while operating cashflow at €6.5m was up 48% on 2014.

An ambitious five-year growth strategy will see further growth for Coillte, as they hope to become the leading forestry and land solutions company in Europe.

In 2015, Coillte achieved financial close on three renewable energy projects with a combined investment value of over €350m, with a total expected output to serve 200,000 homes. This includes the Cloosh Valley development in Co Galway, which will be the largest windfarm in Ireland. They also concluded an agreement with Bord na Mona to sell them a 50% stake in the windfarm project at Sliabh Bawn in Co Roscommon.

Coillte also sold in excess of 900,000m3 of roundwood worth over €50m in October 2015.

Commenting on the results, Coillte chief executive 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."

Foresty

According to Leamy, their forestry division has the potential to be a European leader as the market for timber and fibre doubles over the next 10 years.

"Achieving our ambition to be the best in Europe will fundamentally transform the business into a highly profitable, well-run company that can increase the dividend paid to our shareholder, whilst deleveraging and maximising the potential of every hectare of land Coillte owns. I am personally excited by this challenge and believe we have a huge opportunity to turn Coillte into the best forestry and land solutions company in Europe over the next five years," he said.

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