31st Jul 2014 11:48
LONDON (Alliance News) - Greencoat UK Wind PLC Thursday said its pretax profit more than doubled in its first-half as its return on investments jumped after further acquisitions.
The renewable infrastructure fund said its pretax profit increased to GBP18.8 million for the six months ended June 30 from GBP7.6 million in the slightly longer period from December 4, 2012 until June 30, 2013.
The company said its pretax profit jump was down to strong returns on investments, which doubled to GBP23.6 million from GBP11.0 million with its portfolio as a whole at 250.7 gigawatt hours by the end of the period.
In June, the company acquired the Kildrummy and Maerdy wind farms, increasing its net generating capacity to 226.4 megawatts and its gross asset value to GBP498.4 million.
Greencoat approved an interim dividend of 3.08 pence per share on Wednesday for the half-year period.
The company added that it sees the outlook for investment in UK wind as very encouraging and significant construction of new wind farms continues, providing a strong pipeline of opportunities for acquisitions.
Greencoat UK Wind shares were up 1.0% to 108.01 pence on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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