TRIG powers to strong half-year profits
The Renewables Infrastructure Group Limited
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16:34 24/04/24
The Renewables Infrastructure Group (TRIG) said interim pre-tax profits powered to £31.3m from £19.2m despite lower wholesale energy price forecasts.
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TRIG said its portfolio generated 851GWh of electricity during the period compared with 738GWh. Annualised total shareholder return for the period was 7.2% on a share price basis and 7.6% on a NAV basis
The interim dividend was lifted to 3.2p a share from 3.12p. Earnings per ordinary share rose to 3.5p from 2.6p.
TRIG has a portfolio of 56 operating projects with 774MW of net output capacity across multiple technologies providing long-term revenues from electricity sales and from support schemes in the UK, France and Ireland.
The company said governments in the UK and Europe, under pressure from voters to move away from austerity, may continue to look to the markets to help fund necessary infrastructure projects “as fiscal pressures become a persistent feature of the economic landscape”.
“The recent increase in inflation and expected modest and gradual rises in interest rates also provide a benign environment for the company to pursue prudent acquisitions as well as obtain attractive financing for existing investments,” TRIG said.
It added that the broader market picture looked promising as public and political support for clean electricity in the UK and Europe remained strong, underlined by government initiatives to switch to electric vehicles.
“The reduction in the cost of deploying proven renewables infrastructure continues apace. This may make unsubsidised renewables generation a reality and points to a likely resurgence in new developments in the years ahead, both to replace fossil-fuelled generation as well as for repowering maturing 'first generation' renewables sites,” TRIG said.