LONDON (Alliance News) - Infinis Energy PLC Monday said it exported less power from both its landfill gas and onshore wind farm businesses in the first three quarters of its financial year, but said its landfill gas subsidiary reported a rise in third quarter revenue and earnings.
FTSE 250-listed Infinis is a renewable power generator operating a portfolio of landfill gas and onshore wind farms across the UK.
For the nine months ended December 31, the company said its landfill gas business has delivered a strong output across the company's portfolio, exporting 1,391 gigawatt hours in the period, down 1.6% from the 1,413 gigawatt hours exported in the comparable period in 2013, but Infinis said this was "in line with expectations."
The total average selling price for its landfill gas power also increased in the nine month period to GBP90.24 per megawatt hour, from GBP85.92 per megawatt hour a year earlier.
The company's landfill gas subsidiary, Infinis PLC, released a trading statement and reported revenue of GBP129.9 million in the third quarter ended December 31, up from GBP125.7 million in the comparable period in 2013.
The subsidiary reported earnings before interest, tax, depreciation and amortization of GBP73.2 million in the third quarter, up from GBP72.6 million in the third quarter of 2013.
The company's onshore wind business exported 400 gigawatt hours in the nine month period, down from the 480 gigawatt hours exported a year earlier. The total average selling price fell to GBP87.57 per megawatt hour from GBP93.41 per megawatt hour a year earlier. Infinis said the price fell due to lower day ahead wholesale power prices.
At the end of December, the company reported a cash balance of GBP65.5 million, with net debt of GBP554.3 million.
The company said the construction of its new 43 megawatt A'Chruach wind farm in Scotland is "progressing according to plan," and said pre-construction work continues on schedule at the 55 megawatt Galawhistle project, also in Scotland.
"In the period following our results we have continued to see further oil price weakness which has seen corresponding weakness in gas and wholesale power prices. Nevertheless, while we continue to monitor movements in the power market, management remains confident that the group's current trading remains in line with our expectations for the full year," said the company.
Infinis shares were up 0.4% to 198.95 pence per share on Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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