ALTHOUGH still a sapling in terms of asset size, the state owned forestry company Coillte is nursing long term aspirations to grow into an modest sized tree in the international forestry business. Last year company finances put down sufficiently strong roots to push up enough green shoots to enable it to achieve, what chief executive Martin Lowery terms "a sound financial footing".

Results this week show that pre-tax profits increased 15 per cent to £12.5 million, growth attributed to rising log sales, higher revenue from its non timber activities and tighter cost controls. The board is considering investment overseas, a first step towards evolving into an Irish based international forestry and forest products company.

Coillte, established 7 years ago, now represents assets of £869 million, employs 1,150, and indirectly supports 12,000 other jobs in forestry and related industries.