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Annual Results

Infinis Energy swings into profit

28 May 2015 07:39

Infinis Energy swung into the black in the year to the end of March with a profit of £20.7m against a restated loss of £11.8m last time.

Revenues of £236.0m were 1% down from a restated £238.4m but EBITDA from continuing operations increased by 31.4% to £140.2m.

Chief executive Eric Machiels said: "This is our second year reporting as a listed company and we are pleased to announce financial results in line with expectations. Infinis Energy exported a total of 2.5 TWh of renewable power across its landfill gas and onshore wind power plants. Despite the weakening of UK wholesale power prices experienced throughout the year, our EBITDA before operating exceptionals of £142.8 million, was in line with expectations.

"The highly cash generative nature of our business continues to underpin our dividend policy and I am pleased to confirm that we intend to pay a final dividend of 12.2 pence per share, bringing the total to 18.3 pence per share for the year. This is in line with our dividend commitment of £55 million for our first full financial year. We are also well on our way to deliver on our growth commitments in onshore wind with 43 MW of new wind plant capacity currently in construction and 66 MW expected to reach financial close shortly."

Story provided by StockMarketWire.com

Related Company: INFI

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