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Thrive Renewables plc (formerly Triodos Renewables plc)

Financial Performance

31st December 2019

Annual results to 31st December 2019

In 2019 Thrive Renewables achieved an operating profit of £4.1m on revenue of £13.8m compared to an operating profit of £5.4m on turnover of £16.5m in 2018.

Thrive’s total investment portfolio generated 198,339MWh in 2019. The reduction of 18.4% from 2018 (243,018MWh) reflects their exit from two operational projects which continue to generate clean electricity but no longer contribute to their own impact. 

The company’s owned portfolio generated 128,626MWh during 2019. This was lower than 2018 (160,724MWh) for the same reason. On a like-for-like basis, excluding the two operational projects sold during 2019, the owned portfolio generated 6% less
during 2019 than 2018 due to a combination of reduced wind resource and technical issues.

Excluding the impact of market based financial instrument gains and losses the underlying pre-tax profit for 2019 was £18,321,196, increased from £3,354,342 in 2018.

2019 year-end position

On 31 December 2019, the group held £19,532,000 of cash compared to £16,322,000 in 2018. This amount was high at the end of 2019 due to the funds realised from the sale of the two projects being committed but not invested until early 2020. Cash reserves are held in the business for working capital requirements and debt service reserves. The group’s net debt at 31 December 2019 was £15,211,000 (2018: £33,330,000), a decrease of £18,119,000 over the previous year as a result of the repayment of bank and mezzanine debt and cash held. The ratio of net debt to fixed assets at 31 December 2019 was 22% compared to 48% in 2018.
 

The results for 2019 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 7 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

Profit and loss summary
Revenue £13,838,065
Gross Profit £6,672,096
Administrative costs and depreciation -£2,619,726
Profit before tax £18,443,921
Corporation tax paid -£667,314
Net profit for the year £17,776,607

Balance sheet summary and solvency indicators

Balance sheet summary and solvency indicators
Total assets £93,135,140
Total liabilities £46,130,910
Total equity £47,004,230
Gearing 43%

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.

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.

Returns indicators
Most recent full year dividend 7.0 pence
Interim dividend 40 pence
Directors’ Valuation per share £2.28
View latest traded price Read more

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