Energy company's sales reach €48.2m

THE COMBINED energy and business services divisions of SWS had sales of €48.2 million last year, according to the latest figures.

The group's business services division, demerged from its energy interests in 2007, is understood to have generated around €17 million of its turnover that year.

Accounts filed by Oak Tree Acquisitions, the original holding company for the bulk of SWS's activities, show that the group had profits before finance charges of €8 million last year.

It made a loss of €956,000 when its interest bills were taken into account.

In order to pave the way for a €100 million fundraising for its energy operations, SWS demerged this division from the business services arm in September last year. Business services remained under the Oak Tree umbrella, while its energy division and some related activities became a separate entity from that point.

The accounts show that the company was well-capitalised.

Shareholders' funds stood at €18 million at the year's end, while loans from shareholders left the total capital at its disposal at over €30 million.

SWS business services provides back office and support for public and private sector organisations. Clients include Independent Newspapers and the State's Personal Injuries Assessment Board (PIAB).

It employs 350 people in Clonakilty in west Cork and 50 more people in Poland.

Its energy arm develops and operates windfarms and sells electricity on the open market.

Ion Equity led a buyout of west Cork-based SWS from its original co-op owners in 2006.