Infinis profits rise on gas and wind power growth

Renewable energy firm Infinis saw its annual underlying profits rise more than 18 per cent following a strong performance from its landfill gas and wind power operations.

The company, chaired by former SSE chief executive Ian Marchant, posted an underlying pre-tax profit before one-off items of £148.4 million for the year to 31 March, up from £125.4m a year earlier.

Revenues grew 7.3 per cent to £242.5m and the firm, which floated in November, proposed a final dividend of 6.63p a share.

Infinis has offices in Edinburgh and Northampton and generates about 7 per cent of the UK’s total renewable energy from 147 power plants, including seven wind farms in Scotland.

Chief executive Eric Machiels said: “We have performed strongly in both our landfill gas and wind businesses, exporting 2.6 terawatt-hours of renewable power, which has translated into financial results ahead of our expectations.

“We continue to make progress on our wind development pipeline and are on target to deliver incremental capacity of 130-150 megawatts by 2017 as set out in our IPO.”