TURNOVER AT Bord Gáis rose 12 per cent to €1.5 billion last year as the dual-fuel energy supplier’s customer base hit a target of one million. However pre-tax profit was little changed at €120 million after it recorded a €26.4 million provision for bad debts on energy accounts. This compared to a €7 million provision in 2009.
“We felt it was appropriate to properly provide for potential bad debts,” chief finance director Michael O’Sullivan said. By the end of 2010, close to 100,000 customer accounts had fallen into arrears.
“Despite a very challenging year, we’re quite pleased with the financial performance,” he added. “It very much came within expectations.”
In 2010, Bord Gáis returned a dividend of €30 million to the Exchequer. It retains 80 per cent of the household gas market.
Mr Mullins’ remuneration package rose from €394,000 in 2009 to €399,000 last year. This comprised a salary of €265,000, a performance-related payment of €60,000 and other benefits valued at €74,000.
