Infinis swings to annual profit

Renewable energy generator Infinis Energy swung to a profit in the year to the end of March, although revenue was hit by weaker wholesale power prices.The FTSE 250 group posted a profit before tax of £20.7m for the 12 months to 31 March compared with a restated loss of £11.8m last year, while revenue declined 1% year-on-year to £236m.Earnings before interests, tax, depreciation and amortisation (EBITDA) fell 3.77%, although excluding exceptional items EBITDA jumped 31.4% to £140.2m.The increase was due to a £39.4m exceptional item in the last financial year, which did not recur in the year to 31 March, the company said in a statement, adding that administrative expenses were halved to £39.2m, while finance expenses fell 35% to £38.5m.The group said its landfill gas and wind businesses were performing in line with expectations and said its contracted position and an expected increase revenue meant it had "good visibility of cash generation for the coming year"."In early December 2014, Terra Firma, the general partner of our largest shareholder, announced their desire to find a way of selling down their entire and remaining holding of nearly 70%," said group chairman Ian Marchant."We have engaged constructively with Terra Firma and continue to seek solutions that are in the interests of all shareholders."The group raised its annual dividend from 6.6p to 18.3p.Infinis shares were up 2.40% to 183.30p at 08:46 on Thursday.