RENEWABLE power firm Infinis Energy swung from a loss to profit in the year to 31 March, against a backdrop of weakening UK wholesale power prices.
The company posted a profit of £20.7m in its second year reporting as a listed firm, compared to a loss of £11.8m in the 2014 financial year, while revenue fell by one per cent, from £238.4m to £236m.
Meanwhile, net debt was reduced by 2.3 per cent, from £547.3m to £534.7m.
The group said its landfill gas and wind businesses are performing in line with expectations, and looking ahead said that due to its contracted position, and with 50 per cent of expected revenues increasing in line with inflation, it has “good visibility of cash generation for the coming year”.
In addition, the firm said its IPO commitment to increase operational wind capacity by 130 to 150 MW by March 2017 remains unchanged.
Shares in Infinis were up by 0.78 per cent yesterday.