12th Nov 2015 11:16
LONDON (Alliance News) - Infinis Energy PLC Thursday reported a fall in pretax profit in the first six months of its financial year as it suffered from changes to the UK climate change levy and underestimated the income it would receive from its ROC recycle fund.
The renewable power generator said its pretax profit in the six months ended September 30 fell to GBP2.2 million from GBP2.5 million in the same period the year before, as revenue slipped to GBP102.7 million from GBP103.9 million.
Infinis said earnings were hit by the removal of the exemption from the UK climate change levy for renewable generation as well as a GBP3.1 million reduction in its estimate of ROC recycle fund income previously accrued in respect of the prior financial year.
Infinis is not paying an interim dividend as the business is being acquired by Monterey Capital II Sarl, in a GBP550 million deal which is to be concluded in the coming months.
The company said trading in the remainder of the year is expected to be in line with management expectations.
Shares in Infinis were trading up 0.3% at 182.51 pence Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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