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Thrive Renewables plc (formerly Triodos Renewables plc)

Financial Performance

31st December 2017

Annual results to 31st December 2017

In 2017 the Group achieved an operating profit including investments of £4.4m on revenue of £15.6m compared to an operating profit of £2.7m on turnover of £13.5m in 2016.

Also during 2017 the existing portfolio experienced increased availability and wind speeds amounting to 8,850MWh of increased generation compared to 2016 (6%) and new capacity added 3,725MWh of generation (2.5%).

Excluding the impact of market based financial instrument gains and losses, the underlying pre-tax profit in 2017 was £2,114,567, increased from a loss of £287,249 in 2016.

2017 year-end position

On 31 December 2017, the Group held £11,563,000 of cash compared to £18,566,000 in 2016. This was high at the end of 2016 as the initial close of the Company bond took place in December 2016. Cash reserves are held in the business for working capital requirements and debt service reserves. The Group’s net debt at 31 December 2017 was £49,803,000 (2016: £44,797,000), an increase of £5,006,000 over the previous year as a result of cash used for investments. The ratio of net debt to fixed assets at 31 December 2017 was 54% compared to 52% in 2016.

Thrive are making good progress towards their 2020 growth targets of contributing to 125MW of renewable projects, and uniting a community of 10,000 investors. In 2016 and 2017 Thrive have invested in four projects, three new wind farms and a solar PV project. 

The results for 2017 show strong financial and operating performance and the Directors consider that Thrive Renewables remains in a strong financial position to progress in the future.

Revenue and net profit

These graphs give you a snapshot of how the business has performed over the last eight years. Revenue, which is sometimes also called turnover, shows you how much money the business has brought in every year for the last five years. The net profit shows you how much of that money ended up as profit after all of the costs of running the business, and after tax. Read more.

The graphs show either the results for both the first half and the second half of each year, or the full year results.

Profit and loss summary and profitability indicators

The Profit and Loss summary and profitability indicator tables show how profitable the business has been over the last year. Read more

The figures stated are for December 2016.

Profit and loss summary Profitability indicators
Revenue £15,609,821 Initial return on mean assets 6.4%
Gross Profit £6,834,327 Gross Margin 44%
Administrative costs and depreciation -£2,810,962 Efficiency 59%
Profit before tax £2,665,725 Net margin 39%
Corporation tax paid -£628,624 Effective tax rate 24%
Net profit for the year £2,037,101 Net return on mean assets 1.9%

Balance sheet summary and solvency indicators

Balance sheet summary and solvency indicators Solvency indicators
Total assets £109,126,456 Gearing 63%
Total liabilities £72,506,076 Current assets ratio 1.2
Net equity £36,620,380
Profit and loss account £2,037,101

The balance sheet of a business gives you a picture of everything the business owns. It shows you all the cash the business has received and what it has done with it. Read more.

The Solvency indicators are designed to show you the most important factors affecting the amount of cash the business has available. Ethex shows different indicators according to whether the business is a trading business, (buying and selling goods), or a financial business, (taking money and lending or investing it on). Read more.

Returns and value

The returns indicators show you how much return the business is making from all the money it has. A higher return means a more profitable business and more money for the shareholders. Read more.

The share and asset value indicators are designed to help you understand better what the shares of the business might be worth. Read more.

Returns indicators Share and asset value
Most recent full year dividend 4.0 pence View last traded price Read more
Earnings per share 12.09 pence Net asset value per share £1.66
Distributable profits per share 9.24 pence

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