Coillte warns of financial pressures as higher prices hit the sector

Coillte, the State forestry agency, has reported record sales of €479m for the previous year, but warns of financial pressures due to higher prices in the sector. Operating profits fell to €119m for the year, primarily due to higher operating costs, and the company is anticipating a more challenging 2023 as inflationary costs and higher interest rates bite. Coillte operates 440,000 hectares of primarily forested lands and has recommended a dividend payment of €27.7m to the State as shareholder, the maximum payable under its dividend policy. Despite the financial pressures, the year saw completion of a 10-year investment programme at Coillte’s OSB manufacturing facility in Waterford, among other developments.