News Column

Infinis Energy backers get £20m windfall after its maiden results

June 20, 2014

MICHAEL BOW



INFINIS Energy will give investors a 20m windfall after beating management expectations with its maiden results as a listed company.


The group, floated by Guy Hands' private equity group Terra Firma in November, reported record operating earnings of 148.4m, calculated before costs associated with the market listing.


The company intends to pay a 6.63p dividend to shareholders worth 19.9m in the next few weeks, rewarding them for backing the business with their cash.


The dividend was calculated for the period from when it listed until March, but it intends to pay a fullyear dividend of 55m next year. The 18.3 per cent rise in earnings has helped slash its multi-million pound debt pile from 4.4 times to 3.7 times earnings, putting it on a more manageable footing.


Infinis runs 147 renewable power generating plants across the UK, which turns household rubbish, wind and water into electricity.


Plans to build another 130 to 150 megawatts of onshore wind power were on track, chief executive Eric Machiels said.


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Source: City A.M. (UK)


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