During the same year it was sold, Dublin-based energy supplier Vayu saw sales skyrocket
Turnover at the firm increased by over €50 million last year.
IRISH GAS AND electricity supplier Vayu saw sales swell by more than €53 million during 2016, the same year it was taken over by a Spanish utility giant.
Vayu, which operates in both Ireland and the UK, was established in 2003 and supplies natural gas to industrial and commercial clients. In 2007, it launched an electricity operation which is also focused on the business market.
Last year, the Dublin-headquartered company was acquired by Gas Natural Fenosa (GNF) and became part of the multibillion-euro group after the Barcelona-based outfit acquired all of the firm’s shares. The value of the deal wasn’t disclosed.
Documents filed with the Company Registration Office (CRO) have shown that the company reported turnover of more than €161 million for the financial year that ended 31 December 2016 – up from €108 million for the same 12-month period prior.
This helped the company make an after-tax profit of over €10.5 million last year, up from just under €2.7 million the during 2015.
On average, there were 36 staff working for the company last year, including directors, compared to the 32 on its books in 2015. However, there were 44 employees working at the firm by the end of the year.
Employee salaries at the company significantly increased from €2.2 million in 2015 to over €3.3 million last year.
Earlier this year, a report that analysed emissions created by energy providers in Ireland showed that Vayu supplied 100% of its electricity from renewable energy resources in 2016 and produced zero emissions.
Acquisition
Prior to its acquisition of Vayu, GNF already had multiple operations across European markets including France, Italy, Belgium, Netherlands, Portugal, Germany and Luxembourg.
At the time of the deal, the Barcelona energy firm said the acquisition of Vayu was part of its European growth strategy.
Vayu’s previous parent company was Swiss-based resources firm Glencore, which took a majority stake in the Irish gas supplier in 2011 after its founder, Tony Ennis, sold his share for a reported €10 million.
