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LONDON (Alliance News) - OPG Power Ventures PLC Monday said revenue, earnings and profit all increased during the last financial year as the company's chairman announced he will be leaving the company after declaring a maiden dividend will be paid during 2016.
The company had the ability to generate 750 megawatts of power by the end of the year to the end of March, rising from only 270 megawatts the year before, leading to huge increases in sales and profit.
Revenue in the year totalled GBP128.4 million from GBP100.0 million last year whilst earnings before interest, tax, depreciation and amortisation rose to GBP50.7 million from GBP33.4 million after the margin was improved to 39.5% from 33.4% last year.
That allowed pretax profit in the year to rise to GBP28.6 million from GBP21.7 million.
OPG Power said it plans to pay its maiden dividend in the current calendar year, stating an interim payout will be made equal to 15% of net earnings, subject to cashflows and commitments, with the aim of growing that over time.
"After the board having announced a firm approach to dividends I have informed the Board of my decision to retire and I wish to thank my board colleagues and the entire team at OPG for their warmth and for their efforts in making this a company of the future - I have every reason to believe OPG is well on its way to achieving its goal of leadership in the Indian energy sector," said Chairman Munish Gupta.
Net debt at the end of March stood at GBP254.1 million from GBP250.1 million last year.
OPG Power said revenue in the first quarter of the current financial year was around GBP57.0 million.
OPG Power shares were up 0.9% to 57.0 pence per share on Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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