LONDON (Alliance News) - Infinis Energy PLC, the renewable energy company that listed on the London Stock Exchange just nine days ago, Friday reported higher operating profits and revenues for the first half of its fiscal year, driven by the construction or acquisition of new wind farms.
It added that current trading remains in line with its expectations.
The company said its earnings before interest, tax, depreciation and amortisation rose to GBP53.6 million in the six months to end-September, up from GBP52.7 million a year earlier, as revenues rose to GBP107.1 million, from GBP97 million. Excluding GBP10.3 million of costs related to its listing, Ebitda was up 21.2% at GBP63.9 million.
However, its pretax loss widened to GBP4.9 million, from a loss of GBP3.6 million a year earlier due to higher depreciation of tangible fixed assets.
Infinis said exported volume fell 0.3% to 1,204 giga watt hours in the period, but its average selling price rose 13.3%
Revenue from its wind division contributed 21% of the total as it added 63 megawatts of capacity compared with the previous year. Exports were down from its landfill gas unit.
Infinis was listed by Terra Firma, the private equity company owned by Guy Hands. The IPO is important for Terra Firma, which is trying to bounce back from the GBP1.75 billion loss of its investment in EMI, the British music group that was seized by its lender Citigroup in 2011. Terra Firma has reinvented itself as a green energy investment company and is determined to prove it can produce strong returns for its investors.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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