ENERGY DEVELOPMENTS POWERS THROUGH

Written on the 25 February 2015

ENERGY DEVELOPMENTS POWERS THROUGH

ENERGY Developments Limited (ASX:ENE) today reported net profit after tax of $19.5 million for the half year ending 31 December 2014 - a 6 per cent decrease on the prior corresponding period.

However EBITDA was up 14 per cent at $96.1 million - the driver behind the company's increase in profit before tax which rose by $10 million to $27.1 million.

The international provider of greenhouse gas emissions energy and remote energy solutions has also increased the FY15 interim dividend to 20 cents per share from 28 cents per share and franked to 75 per cent.

"The increase to the interim dividend represents a sustainable payout level, strongly covered by the groups operating cash flow on a full year basis," says ENE chairman Rob Koczkar.

"The dividend is also consistent with ENE's progressive dividend policy under which ENE intends to maintain or increase dividends as earnings and cash-flows increase.

"ENE is committed to providing sustainable returns to shareholders through the return of excess cash flow while also actively pursuing growth in our core business."

The company attributes the growth to recent expansion and acquisitions including the 53MW McArthur River expansions, the 51MW acquisition and lease-back of Upstream LNG power generation assets, the 43MW acquisition of Envirogen and the 18MW expansion of Moranbah North. 

ENE managing director Greg Pritchard says the half year result demonstrates ENE's ability to deliver profitable growth and sustainable earnings from its globally diversified portfolio of projects.

"The company has successfully extended several key contracts in the last 12 months and it is well positioned for growth in the future," he says.

Looking forward, Pritchard says ENE has an active pipeline of growth opportunities focused on tailored power solutions for existing and new customers, extensions at existing sites and selective acquisitions within the business.

"Our long dated relationships with blue chip counterparties will also create adjacent power infrastructure opportunities," says Pritchard.


Latest News

PROFIT BOOST FORECAST AT VILLA WORLD

VILLA World has forecast profit growth of 5 per cent in the first half of FY17 in an earnings guidance released to th...

WP CURVE SOLD TO GODADDY

NASDAQ-listed tech company GoDaddy has bought Gold Coast's WP Curve for an undisclosed sum.

The subscription-b...

BOARD SHAKE-UP TAKES OUT SURFSTITCH FOUNDER

ONLINE actionwear retailer SurfStitch Group (ASX: SRF) has announced a major board shake-up in a move that effectivel...

ORIGIN TO DIVEST UPSTREAM OIL AND GAS BUSINESS

ORIGIN Energy will spin off its upstream oil and gas business in an as-yet unpriced IPO.

It will allow the Sydney-...

Related News

HOW MCDONALD'S AUSTRALIA REDISCOVERED ITS INNOVATIVE SPIRIT

MCDONALD'S is such a ubiquitous part of the Australian landscape today that it is easy to forget how it change...

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter