ENERGY DEVELOPMENTS GENERATE EARNINGS UPGRADE

Written on the 26 March 2015

ENERGY DEVELOPMENTS GENERATE EARNINGS UPGRADE

FAVOURABLE market conditions has prompted Energy Developments Limited (ASX:ENE) to boost its annual profit forecast.

The energy solutions provider upgraded its full year guidance range of earnings before interest tax depreciation and amortisation (EBITDA) to be in the range of $211 to $216 million compared to $205 to $210 million previously.

It follows a solid first half for the company, which reported net profit after tax of $19.5 million and a 14 per cent lift in EBITDA of $96.1 million.

Favourable market conditions are expected to drive growth in the second half, including high summer electricity pricing events in Queensland, improved large-scale generation prices and a lower Australian dollar.

ENE managing director Greg Pritchard says the combination of pricing conditions and first half results favour the company.

"The company's strong performance to date reflecting the factors and the current operating performance and environment gives the board the confidence to uplift EBITDA guidance to $211 to $216 million," Pritchard says.

"The company is on track to generate another year of strong operating cash flow from its diversified portfolio of clean energy and remote energy projects.

"EDL remains well positioned and capitalised for accretive growth, with a number of near term opportunities being actively pursued."

The company is positioned to capitalise on a number of projects in the second half, including a number of power distribution acquisitions.


Latest News

SPOTLESS REJECTS DOWNER'S 'HOSTILE' $1.2B BID AS IT PROMISES A STRATEGY RESET

CLEANING and catering services company Spotless has rejected a $1.26 billion takeover bid from mining services firm D...

EXCLUSIVE INTERVIEW: MEGAPORT CEO VINCENT ENGLISH ON GLOBAL EXPANSION AND HOW TO SCALE UP A BUSINESS

THE RAPID expansion of Megaport (ASX: MP1) continues with the Brisbane-based company announcing a major partnership d...

BRISBANE ENTREPRENEUR BREAKS BARRIERS IN ECO-BUSINESS

TRACEY Bailey believes that if every person understood the true social and environmental cost of every product the...

DOMINO'S PIZZA EMPLOYEES OFFERED A SLICE OF THE PIE

DOMINO'S Pizza (ASX: DMP) has launched an employee share acquisition plan which will give its 26,000 staff the...

Related News

FURNITURE DISRUPTOR SET TO SHARE HIS ONE OF A KIND BUSINESS MODEL

IT'S no secret that Australians love homemaking. Their ceaseless quest to create the perfect place to call hom...

WEEDING OUT THE ASX'S BURGEONING CANNABIS TREND: 8 COMPANIES TO WATCH

A NICHE is budding on the ASX in the form of medical cannabis, an industry which has been on the country's rad...

FRESH CLASS ACTION TO REVEAL ANOTHER SIDE OF SLATER AND GORDON DOWNFALL

ACA LAWYERS has issued a formal letter of demand to Andrew Grech (pictured), managing director of Slater and Gordo...

STARSHIPS WERE MEANT TO DELIVER DOMINO'S PIZZA

NICKI Minaj may have been off the mark when she declared 'starships were meant to fly'. However, she m...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter