INFI.L Share News (INFI)

- Results ahead of company expectations- Adjusted EPS up 52% to 13.7- Final dividend proposed of 6.63p per share- 'Softer wholesale power markets in the near-term'In its first set of annual results since it was floated by private equity owners Terra Firma last November, renewable energy group Infinis Energy delivered a mixed set of results and cautioned of softer wholesale power markets in the near-term.On revenue up 7.3% to £242.5m, earnings before interest, tax, depreciation, amortisation and exceptional items rose 18.3% to £148.4m. But the company swung to a pre-tax loss of £11.8m, excluding exceptional items, exceptional finance costs and amortisation, from a £8.9m profit the year before. Adjusted earnings per share were up 52% to 13.7p and a final dividend was proposed of 6.63p per share and the intention to declare a dividend of £55m next year was reiterated. Chief Executive Officer Eric Machiels said the results were evidence of Infinis delivering the operating and financial performance promised at the time of the initial public offering (IPO), with strong performances in both landfill gas and wind businesses. However, the company's outlook statement contained a few words of warnings, including that the wind business has seen speeds trending below average in the first quarter and that mild weather and lower gas prices has led to softer wholesale power markets in the near-term, although management believes the longer term fundamentals for the industry remain strong.Infinis generated improved output from its three different technologies during the year, with total exported electricity up 5.7% to 2,639 gigawatt hours (GWh), a record performance for the company and equivalent to 5.7% of total generation from renewable sources in the UK. Electricity from landfill gas was the largest contribution, at 1,871 GWh, or 71% of total exported output.Onshore wind grew by 46% to 727 GWh, representing 28% of total exported power, thanks to a full year's contribution from new wind farms and favourable wind speeds. The hydro business contributed the balance with output of 41 GWh, remaining broadly similar year-on-year. "Our balanced portfolio of landfill gas and onshore wind assets leaves us well placed to fulfil our dividend commitments and execute our growth plans," said Machiels. "We continue to make progress on our wind development pipeline and are on target to deliver incremental capacity of 130-150 MW by 2017 as set out in our IPO." Shares in Infinis were down 0.22% to 228p at 08:40 on Thursday. OH