Infinis Energy's profit grows in H1 FY 2013/14

(SeeNews) - Nov 29, 2013 - Infinis Energy Plc (LON:INFI) today said its net profit for the six months to end-September 2013, the UK renewable energy firm’s first fiscal half, had climbed by 4.3% on the year to GBP 2.4 million (USD 4m/EUR 3m).

Adjusted net profit rose to GBP 12.8 million from GBP 5.2 million. The company, which completed a GBP-234-million initial public offering (IPO) earlier this month, said that its improved performance for the period was the result of wind power capacity additions and its continued transition from Non Fossil Fuel Obligation (NFFO) to Renewables Obligation (RO) contracts as well as a rise in wholesale power prices and an overheads reduction in March 2013.  

Infinis Energy’s revenue went up by 10.5% year-on-year to GBP 107.1 million. Even though power sales declined by 0.3% to 1,204 GWh the average selling price jumped by 13.3% to GBP 86.10/MWh. The company’s landfill gas division saw its revenue grow by 3.1% to GBP 82.1 million, while hydropower revenues fell by 30.8% to GBP 1 million.

The wind farms business of the company posted 51.4% higher revenue of GBP 24 million thanks to increased capacity. Infinis Energy said it planned to keep work on its 600-MW wind project pipeline. It intends to build 130 MW to 150 MW in the next three years.

(GBP 1 = USD 1.636/EUR 1.201)