Increased power sales boost Futuren's H1 revenue

French wind power producer Futuren SA (EPA:FTRN) today said its revenues climbed by 10.5% on the year in the first half of 2019, mainly thanks to increased electricity sales.

The company’s consolidated revenue in the six months came at EUR 37.3 million (USD 41.5m), as compared to EUR 33.8 million. Revenue from electricity sales was the major contributor, bringing EUR 33.6 million of the total and rising by 15% on a yearly basis. Futuren attributed the improvement to the commissioning of new capacity and the full-year revenue of two wind farms that began operations last year.

Meanwhile, revenue from the development and management of wind farms dropped by 47.5% to EUR 1.1 million after the expiry of a contract for third parties at end-2018.

The year-over-year comparisons reflect a restatement of results in the first half of 2017 to take into account the reintegration of Ecoval 30, a company active in the treatment of solid waste, which in the year-ago period was classified as an asset held for sale. In the first half of 2019, Ecoval 30 reported revenues of EUR 2.6 million, up 6.6% from a year ago.

After bringing online 20 MW of wind parks in the first half of 2019, Futuren is currently building three more facilities of 66 MW in total and plans to switch them on in 2019 and 2020. It noted it has also secured all approvals for a new wind project in France’s Charente-Maritime department.

(EUR 1.0 = USD 1.114)

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