Publicly quoted energy group Viridian said yesterday that it expects profits for its current financial year to be in the region of €140 million.

The company, which operates the only independent electricity generation facility in the Republic, ends its financial year on the 31st of this month.

In a trading statement yesterday, Viridian said that it expects profit before tax to be broadly in line with market expectations.

The analysts' consensus for the company is £100 million (€143 million) profits before tax.

They expect the company to deliver earning per share of 60 pence.

The release was well-received and the stock rose by 22p to close at 730p on the London stock exchange.

Viridian operates the Republic's first independent electricity generation plant, which is located at Huntstown in Co Dublin.

The group is planning to develop a second phase there this year, which will be commissioned in 2007.

The supply market for small business and domestic users opened up to competition last month.