INFI.L Share News (INFI)

- H1 revenue up 10.5 per cent- Underlying EBITDA up 21.2 per cent- Trading in line with expectationsRenewable energy group Infinis, which was floated earlier in the month by private equity owner Terra Firma, has unveiled encouraging first half results and said trading was in line with full-year expectations. Revenues rose 10.5% on the same period last year to £107.1m due to new wind farms coming on stream, leading to earnings before interest, tax, depreciation, amortisation (EBITDA) and one-off items from the company's initial public offer (IPO) climbing 21.2% to £63.9m.The group, which is likely to join the FTSE 250 index at the next quarterly review after being floated at a value of £780m in mid-November, said the performance was driven by an entire half-year contribution from additional wind farms constructed or acquired, as well as better margin from higher selling prices and an earlier cost-cutting programme.As well as general higher wholesale power prices, higher average selling prices are being achieved due to the continued transition from contracts on the substantially lower feed-in tariff from the older Non-Fossil Fuel Obligation government scheme to more contracts on the newer and more attractive Renewables Obligation scheme. The average selling price increased by 13.3% to £86.10 per megawatt hour.Chief Executive Eric Machiels said current trading remained in line with management expectations at the IPO.He added that the flotation demonstrated "significant support from investors for our business model and strategy". "Today's results are evidence of us delivering the performance we promised and we are well-placed to execute our growth plans and fulfil our dividend commitment."The company said it its IPO prospectus it planned to pay a healthy dividend from the offset, and for the current financial year to end-March it pledged to declare a dividend equivalent to an annual payment of £55m on a pro rata basis for the amount of time it has been on the market. Net cash flows from operating activities during the period were £47.5m, an increase of £15.5m on the comparative period mainly due to a large reduction in trade and other receivables following improvements to billing and collection processes, while cash flows from investing activities were a £25.5m outflow, £18.7m lower compared with the same period last year due to the acquisition of wind farms. Net debt increased 6.8% to £521.5m by the period end.Shares in Infinis, which were floated at 260p, were flat in early trading on Friday at that same price.OH