ERM POWER SOARS WITH RECORD SALES
Written on the 19 February 2015
ERM Power (ASX: EPW) has grown its underlying NPAT 113 per cent, with its electricity retailing business achieving record half year sales.
The fourth largest electricity retailer in Australia saw record sales of 7.9TWh in this division of the business and increased EBITDAIF by 30 per cent, with EPW CEO and managing director Jon Stretch saying momentum was also maintained in the commercial and industrial market segment.
The company maintains that expansion into the small to medium enterprise market is also "progressing well and expected to break-even this financial year".
"We are well positioned to continue our growth trajectory with forward contracted sales of 29TWh at 31 December 2014, 21 per cent higher than at the same time a year ago," adds Stretch.
EPW has declared a fully franked interim dividend of 6c per share, to be paid on April 1.
Full year guidance is expected to increase by 15 per cent to 16.2TWh excluding the US business.
"Unusual competitor behaviour" has been cited by the company as the reason guidance is slightly lower than the previous forecast of 17TWh.