RE: RNS 21 Jan 25 thoughts30 Jan 2025 09:52
Clissold345, so, you don't think that the RNS has any value? I quote:
Trading and Portfolio Update:
For the calendar year ending 31 December 2024, the Company is estimating an operational portfolio revenue of c.£37.7m (weighted portfolio average: c.£10.83/MW/hr)1 and an operational EBITDA of c.£24.5m representing an EBITDA margin of 65%.
Based on the 2025/26 mid-case NAV revenue forecasts from several third-party providers, the annualised 12-month portfolio revenue run-rate during FY 2025/26 is estimated2 at c.£72m on 753.4 MW of operational capacity. The operational EBITDA margin3 for this period is expected to be 69%, a 4% increase compared to the 2024 calendar year largely due to improved economies of scale as the new larger Great Britain (GB) assets stabilise. The increase in revenue to £12.32/MW/hr can be attributed to the Company's increased geographic diversification following assets in construction becoming operational, resulting in a greater proportion of assets in higher-yielding markets.
Since the start of the current financial year4, GB revenue has steadily increased over recent periods. Market indices (Modo 1-hour BESS Index) indicate that December 2024 was the highest monthly revenue for BESS in the GB market since July 2023. Dynamic Containment saw its highest average price since July 2023, a sign of the recovery of ancillary services prices in GB, reflecting a slower build-out, along with more competitive bidding strategies in the market.
The Investment Manager has also developed an in-house route-to-market capability and to-date has onboarded five GB assets with a combined capacity totalling 78.5 MW. Since November 2024, the GSET portfolio5 has outperformed the Modo 1-hour BESS benchmark by 19.0%.