Renewable Energy Generation narrows loss in FY 2011/12

Oct 15, 2012 - UK firm Renewable Energy Generation Ltd (LON:WIND), or REG, Monday said it had reduced its net loss in the year through June to GBP 1.8 million (USD 2.9m/EUR 2.2m) from GBP 3 million a year ago.

The company proposed a final dividend of GBP 0.015, the same as a year ago.

Pre-tax loss shrank to GBP 2 million from GBP 3 million, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased to GBP 2.7 million from a break-even result in 2010/11, according to the company's preliminary annual report.

REG said the improved performance came as wind speeds in 2011/12 were in line with P50 estimates and its bio-power division delivered better results thanks to cost controls and the commissioning of a 2-MW project in Leeds.

Revenues rose to GBP 12.1 million from GBP 9.8 million.

The company ended the year with 51.15 MW of operating wind projects, with an expected production of 134,000 MWh per year. In June, it completed its 10-MW Sancton Hill project at in the East Riding of Yorkshire. Next in line are the 6-MW South Sharpley wind farm in County Durham, which is expected to go online by November 2012, and the 4-MW Orchard End wind farm, scheduled for completion by March 2013.

REG said it would comfortably outstrip its target set in 2009 of committing GBP 100 million to renewable projects in the three years to December 2012.

(GBP 1.0 = USD 1.607/EUR 1.240)

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