Infinis reveals 21% profit rise in maiden results

Renewable energy firm Infinis, which is chaired by former SSE chief executive Ian Marchant, today reported a 21.2 per cent rise in half-year profits as it delivered its first set of results since floating earlier this month.

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

The initial public offering (IPO) of a 30 per cent stake in the business on London’s main market on 15 November raised more than £230 million for its backer, Guy Hands’ Terra Firma private equity firm.

For the six months to the end of September, Infinis posted an underlying pre-tax profit before one-off items of £63.9m, up from £52.7m a year earlier, on revenues 10.5 per cent higher at £107.1m.

Chief executive Eric Machiels said: “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.

“Trading remains in line with management expectations at the IPO and we look forward to the future with confidence and excitement.”