NTR plc Interim Results For Half Year Ended 30th September 2008

December 03 2008

NTR plc today announces its interim financial results for the half year ended 30th September, 2008.

Following the realisation of €1.3bn in cash proceeds from the disposal of NTR’s interests in Airtricity and the West-Link toll bridge concession in the year to March 2008, the first half of the current year has seen NTR consolidate its position to take advantage of the extensive opportunities for renewable energy and clean-tech organisations in the U.S. and other markets. NTR has successfully re-entered the U.S. renewable energy market with investments in both wind and solar energy, in addition to consolidating its U.S. ethanol interests. NTR has also continued to invest in its Greenstar sustainable waste businesses in the U.S., U.K. and Ireland as it develops its strategic position in international recycling markets.

Total assets at 30th September 2008 were €1.79 billion of which €369 million was held in cash. This follows the return of €252 million cash to shareholders in a redemption offer completed in August 2008.

Michael Walsh, NTR Group Finance Director, said; “Our investments in the renewable energy and sustainable waste management sectors, together with our strong cash resources, leave us well positioned from both a strategic and financial perspective. Our focus, following the transitional first half of the year, is to build on these positions through further investment, delivery of key development milestones and the prudent management of our cash resources through the medium term.”

Group attributable profit for the first half of the year was €23.2 million, an increase of €21.7 million year (excluding exceptional items), on the first half of 2008. Group revenue increased 76% year on year to €281.6 million, although this rate of growth was impacted in more recent months as a result of the economic slowdown in our key markets and significantly reduced global commodity prices.

Said Michael Walsh; “NTR has taken strategic positions in renewable energy and clean-tech markets with long-term structural growth prospects. We continue to make solid progress on delivering key development milestones. We will continue to create value for our shareholders through the further development of our renewable pipeline and by responding decisively to short-term challenges in the waste management sector, with a clear focus on medium term value creation.”

Earnings per share for the first half of the year are reported at 10.2c and the Board has declared an interim dividend of 2.28c per share, an increase of 25% on the 2008 interim dividend, as indicated at the time of the Share Redemption.

Financial Highlights

Group Highlights

The Group has successfully achieved a number of key milestones as it consolidates its position as a leading international developer and operator in renewable energy and sustainable waste management.

About NTR plc

NTR plc is a leading international developer and operator in renewable energy and sustainable waste management. Founded in 1978, NTR has evolved from being a developer and operator of infrastructure in Ireland to an international developer and operator of renewable energy (wind, solar and ethanol), and sustainable waste management businesses in the USA, UK, and Ireland. The company employs over 4,100 people and has a market capitalisation of approximately €940m.

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