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Thrive Renewables plc (formerly Triodos Renewables plc)

Financial Performance

31st December 2018

Annual results to 31st December 2018

In 2018 Thrive Renewables achieved an operating profit of £5.4m on revenue of £16.5m compared to an operating profit of £4.4m on turnover of £15.6m in 2017.

The existing portfolio experienced marginally reduced availability and wind speeds in 2018 amounting to 4,786MWh of reduced generation compared to 2017 (3%). But new capacity added of 5,157MWh from a full year of operations at Drumduff has meant that generation overall was up by 371MWh,

Excluding the impact of market based financial instrument gains and losses the underlying pre-tax profit for 2018 was £3,354,342, increased from £2,114,567 in 2017.

2018 year-end position

On 31 December 2018, the group held £16,322,000 of cash compared to £11,563,000 in 2017. This was high at the end of 2018 as the Company had repayments from mezzanine loans that had not yet been reinvested. Cash reserves are held in the business for working capital requirements and debt service reserves. The group’s net debt at 31 December 2018 was £33,330,000 (2017: £49,803,000), a decrease of £16,473,000 over the previous year as a result of the repayment of mezzanine loan investments and transfers to assets held for sale (i.e. debt is still within the group at the year end but was disposed of post year end as part of the sale). The ratio of net debt to fixed assets at 31 December 2018 was 48% compared to 54% in 2017.

The results for 2018 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

Profit and loss summary
Revenue £16,522,624
Gross Profit £7,400,861
Administrative costs and depreciation -£2,817,290
Profit before tax £3,934,430
Corporation tax paid -£904,265
Net profit for the year £3,030,165

Balance sheet summary and solvency indicators

Balance sheet summary and solvency indicators
Total assets £107,217,916
Total liabilities £68,974,028
Total equity £38,243,888
Gearing 60%

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 recommended share price £2.28
View latest traded price Read more

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