25th Feb 2015 10:41
LONDON (Alliance News) - Renewables Infrastructure Group Ltd Wednesday reported a higher pretax profit for 2014 and a total shareholder return for the year ahead of its benchmark, while it also said it has a healthy pipeline of further attractive investment opportunities.
The renewable energy infrastructure company reported a pretax profit of GBP23.3 million for 2014, compared with a GBP10.3 million profit in 2013.
The company said that due to the diversification of its portfolio, it remained resilient in a year characterised by falls in energy prices and variable weather conditions.
Renewables Infrastructure said it grew its portfolio by more than half during the year through selective acquisitions, whilst the company said it has a "healthy" pipeline of projects available across its target markets, leaving it well positioned for further growth in 2015.
"The company has delivered a solid performance based on the strength and resilience of its portfolio and strategy and has continued to deliver returns for shareholders in line with the company's targets," said Richard Crawford in a statement, director at InfraRed Capital Partners, TRIG's investment manager.
Renewables Infrastructure declared a total dividend for 2014 of 6.08 pence, while it said total shareholder return for the year was 7.5%, ahead of the FTSE-All Share Index at 1.2%. It said cash dividends paid during 2014 covered 1.9 times.
The company said it is targeting further distribution of 3.08 pence per share for six months to end-June 2015.
The company's net asset value per share at end-December stood at 102.4 pence, compared with 101.5 pence at the end-December 2013.
The valuation of its portfolio at year end was GBP472.9 million, compared with GBP300.6 million a year earlier.
Shares in Renewables Infrastructure were trading flat Wednesday mid-morning at 102.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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