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Interim Results

Renewables Infrastructure profit soars by 63%

18 August 2017 07:34

The Renewables Infrastructure Group (TRIG) made a profit before tax of £31.1 million in the first half, an increase of 63%.

Earnings per share increased by 35% to 3.5p.

The company said the results represent a robust performance against the backdrop of lower wholesale power price forecasts.

Positive movements included reductions in valuation discount rates (reflecting strong demand for renewables), foreign exchange gains, changes in taxation assumptions and other efficiency gains recognised in the valuation.

The directors have approved a valuation of £951.8 million as at 30 June 2017 for the portfolio of 55 projects, compared with £818.7 million for 53 projects at 31 December 2016.

The net asset value (NAV) per share was 100.6p, up 0.5p on the 100.1p NAV per share as at 31 December 2016.

The annualised total shareholder return - based on share price performance plus dividends - for the six months to 30 June 2016 was 7.2%.

Helen Mahy CBE, chairman of the company, said: "TRIG's interim results for the first half of 2017 demonstrate the company's robust financial and operational performance. The success of the company is underpinned by prudent management, a diversified portfolio and benefits of scale, with TRIG achieving target generation despite challenging weather conditions in certain geographies. The board remains confident of the company's outlook and we remain on track to deliver our dividend of 6.4p per share distributions for the year."

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