24th Mar 2014 10:26
LONDON (Alliance News) - Greencoat UK Wind PLC Monday announced positive first full year as investments outperformed during the period.
The UK-focused renewable infrastructure fund posted a pretax profit of GBP18.2 million for the period from December 2, 2012 to December 31, 2013, the first yearly results figures since the company's initial public offering in London in March 2013.
Greencoat said its return on investment was strong at GBP26.8 million as its investments generated 291.5 gigawatt hours of electricity during the period, outperforming budgeted generation during the period by 7.6%.
The company noted that it raised proceeds of GBP260 million from its IPO and acquired a seed portfolio of interest in six wind farms, which increased to ten wind warms producing 184.0 megawatts of power in October and November.
Greencoat, which paid an interim dividend of 1.5 pence in 2013 and a further interim dividend of 3 pence in February 2014, noted that it has a target dividend for 2014 of 6.16 pence.
Greencoat shares were up 0.9% to 103.88 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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