Greencoat Renewables reports solid first-half performance

by | Sep 18, 2023

(Sharecast News) – Greencoat Renewables reported a significant increase in electricity generation and net cash generation for its first half on Monday.
The AIM-traded firm said that, in the six months ended 30 June, it generated 1,489 GWh of electricity – a substantial rise from the 1,127 GWh produced in the first half of 2022.

That growth in electricity generation also reflected positively on the company’s financials, with net cash generation of €125.5m, up from €92.1m during the same timeframe in the prior year.

As a result, the company declared dividends of 3.21 euro cents per share for the period.

A highlight of the company’s first-half performance was its gross dividend cover, which stood at 3.5 times, compared to the 3.0 times recorded a year earlier.

The growth trajectory of Greencoat Renewables was also evident in its aggressive acquisition strategy, as it completed three acquisitions amounting to €275.5m.

With the acquisitions, Greencoat Renewables now boasted a diversified portfolio of 38 renewable generation and storage assets spread across six European countries.

The company’s commitment to expanding its capacity was also evident, with a recorded total capacity of 1.32GW, up from 1.03GW in the first six months of 2022.

Alongside those achievements, the firm’s aggregate group debt stood at €1.15bn, 47% of its gross asset value (GAV).

“I am pleased to confirm another successful period for the company, evidenced by continued strong cash generation, increased dividend cover and acquisitive growth,” said non-executive chairman Ronan Murphy.

“We deployed a total of €275.5m in the period, acquiring three new assets, which increased our portfolio generation capacity to 1.32GW across six European countries.

“The expansion of the portfolio demonstrates our ability to selectively deploy capital into strategic locations that provide value accretive opportunities for revenue diversification and long-term growth.”

Murphy said that as Europe pursued greater energy independence with net zero targets, the opportunity and investment case for renewables remained strong.

“Given our depth of experience and approach to active asset management, we are well-positioned to play a leading role in enabling this energy transition.”

At 1021 BST, shares in Greencoat Renewables were up 2.56% at 1p.

Reporting by Josh White for

Related articles

Latest Articles

US open: Stocks steady as inflation continues to ebb

US open: Stocks steady as inflation continues to ebb

(Sharecast News) - Wall Street was on a firmer footing on the last trading day of the third quarter as a key inflation indicator printed slightly below the consensus forecasts. "The September rut in stock indices paused into quarter end as both Eurozone and the Fed's...

FTSE 100 movers: Severn Trent, JD Sports rally

FTSE 100 movers: Severn Trent, JD Sports rally

(Sharecast News) - London's FTSE 100 was up 0.5% at 7,642.68 in afternoon trade on Friday. Severn Trent was the standout performer on the index after saying it was seeking to raise £1bn for a transformation plan expected to create 7,000 jobs across the Midlands. JD...

Annual UK property sales fall in August – HMRC

Annual UK property sales fall in August – HMRC

(Sharecast News) - Annual house sales fell sharply in August, provisional government data showed on Friday. According to HM Revenue and Customs, the seasonally-adjusted estimate of UK residential transactions was 87,010 last month. That was a 1% uptick on July 2023...

BofA Merrill Lynch upgrades Marks & Spencer to ‘buy’

BofA Merrill Lynch upgrades Marks & Spencer to ‘buy’

(Sharecast News) - Bank of America Merrill Lynch upgraded Marks & Spencer on Friday to 'buy' from 'neutral' as it argued the stock is still too cheap and consensus earnings too low. The bank said that despite the stock's outperformance year-to-date, it believes that...

Retail sales climb as September heatwave fades – BDO

Retail sales climb as September heatwave fades – BDO

(Sharecast News) - High street sales pushed higher last week, industry research showed on Friday, as delayed autumn spending finally looked to have got underway. According to the latest BDO High Street Sales Tracker, total like-for-like sales rose by 5.51% in the week...

Join our mailing list

Subscribe to our mailing list to receive regular updates!

No Fields Found.