Renewable Energy Generation Limited Announces Preliminary Results (UK)


Renewable Energy Generation Limited, the renewable energy group, today announces its preliminary results for the year ended 30 June 2011.

 Financial Year Highlights

Revenue of £9.8 million (2010: £6.2 million)

EBITDA¹ neutral (2010: Loss £0.9 million)

Loss after tax and exceptional items from continuing activities of £2.6 million (2010: loss of £3.0 million)

First tranche of asset financing raises £12 million

Cash and cash equivalents of £14.9 million (2010: £17.2 million)

Rejection of approach in January 2011 of 67.7p per share

Proposal to pay final dividend of 1.5p per Ordinary Share (2010: 1.5p)

Operational highlights

Construction of 20.5MW; Goonhilly (12MW), Loscar (4.5MW) and High Haswell (4.0MW) wind farms

25.3MW of new consents obtained

National Grid Short Term Operating Reserve contract won

Development portfolio increased to over 1,000MW

 Post year end

Provisional approval gained for 10MW Denzell Downs wind farm

Acquisition of 4MW of 6MW wind farm in Ulster and associated joint venture initiative to develop wind farms in Northern Ireland

2MW Leeds North bioliquid plant begins operation

REG Chief Executive Officer Andrew Whalley said:

 “Over the course of the year we have constructed three new wind farms, more than doubling our clean energy output.

 “Our development portfolio has also substantially increased with a significant number of planning applications to follow this year. We are now poised to expand our generating fleet rapidly.”

A presentation to analysts will be held today at 9.00am at the offices of City Profile, Augustine House, 6A Austin Friars, London, EC2N 2HA. Please contact Sheena Khan if you would like to attend.


Source: renewableenergygeneration, October 17, 2011