Dulas Profits Rise Despite Market Changes
Powys-based renewable energy company Dulas saw a rise in pre-tax profit in its latest financial results, despite changes in its traditional markets.
The business was founded in 1982 and to date its engineers, planners and consultants have worked on more than 400 megawatts (MW) of renewables projects across the UK.
According to its latest accounts, Dulas reported a pre-tax profit of Â£62,311 for the year ending 31 December 2016, compared to Â£57,039 in 2015. However, turnover reduced to Â£9.4m from Â£11.4m the year before. In their report accompanying the results, the directors said it had been a good year for its Solar International business, with highlights including "signiï¬cant sales" through UNICEF of its Solar Direct Drive (SDD) fridges.
During the year, the company acquired a 50 per cent stake in Polestar Cooling, which manufactures vaccine refrigerators for the group. In the UK, the group's solar business was "hard hit by tariff changes", however activity increased towards the end of the year with a "significant" pipeline of work now in place. Dulas' hydro business traded "in line with management expectations", with an increase in workload in the run up to reductions in feed in tariffs. The market for its wind monitoring business is said to be challenging, due to recent changes in UK government support.
New clients were secured in the final quarter following the launch of the business' lattice mast and maintenance service. The consultancy team "remained at a lower level of activity" but has now secured its first planning work in Ireland, together with a pipeline of projects in Scotland and Wales.
Directors added: "The group has responded to changes in UK government incentives for renewables through increasing the geographic scope of its operations and offering new products and services.
"Overall the company has responded well to our market changes and remains in a competitive position to take advantage of continuing, albeit reduced, activity in the UK renewables sector." Dulas is headquartered in Machynlleth and also has offices in Stirling, Inverness and Dublin.