Infinis Energy’s net profit falls 17% in H1 FY 2014/15

Nov 13, 2014 - Infinis Energy Plc (LON:INFI) saw its net profit for the six months to end-September 2014, which is the UK firm’s first fiscal half, drop by 16.7% on the year to GBP 2 million (USD 3.2m/EUR 2.5m).

The renewable energy company said that its performance for the period has been largely affected by below average wind speeds in the UK. Yet, adjusted net profit fell to GBP 10.5 million from GBP 12.8 million.

Results in GBP	H1 FY 2014/15	H1 FY 2013/14
net profit	2 million	2.36 million
adjusted net profit	10.5 million	12.8 million
power sales	1.14 TWh	1.2 TWh
average selling price	89.82 per MWh	86.10 per MWh

Infinis continues its transition from Non Fossil Fuel Obligation (NFFO) to Renewables Obligation (RO) contracts. Its revenue during the reporting period slightly decreased to GBP 105.3 million from GBP 107.1 million the previous year, as lower day ahead prices during the summer and the slow UK winds led to a decline in wind power sales to GBP 17.8 million from GBP 24 million a year back.

Revenue in GBP	H1 FY 2014/15	H1 FY 2013/14
TOTAL	105.3 million	107.1 million
RO revenue	97.2 million	92.9 million
NFFO revenue	5.3 million	10.8 million
wind revenue	17.8 million	24 million
hydropower revenue	1.3 million	1 million
LFG revenue	86.1 million	82.1 million