Scott Wright
Group business correspondent
INFINIS Energy, the renewable company chaired by former SSE boss Ian
Marchant, has lifted operating profits by nearly one third and paid its
first interim dividend in the six months ended September 30.
The first-half results came as Mr Marchant declared the outcome of the
independence referendum had kept its developments in Scotland on track and
the UK energy market intact.
Infinis, which has started construction on a major wind farm at A’Chruach
in Argyll after securing £52 million of funding this month, cited the
importance of its landfill gas (LFG) division to cash generation as
operating profit rose to £21.6 million.
Revenue narrowed to £105.3m from £107.1m at the interim stage last year,
with Infinis noting that its strong LPG performance allied to an increase
in average selling price had partially offset lower wind speeds.
The company, whose interests include onshore wind and hydro assets as well
as LPG, said lower than average wind speeds across Britain had been
responsible for EBITDA (earnings before interest, tax, depreciation and
amortisation) falling by £4.8m to £59.1m.
It reported that shareholders will receive an ordinary dividend of 6.1p per
share in December.
This represents a payout of £18.3m.
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