Gore Street Energy income rises as capacity continues to expand

(Alliance News) - Gore Street Energy Storage Fund PLC on Tuesday said it expects to report ...

Alliance News 21 May, 2024 | 11:26AM
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(Alliance News) - Gore Street Energy Storage Fund PLC on Tuesday said it expects to report continued growth in its upcoming annual report.

The London-based investor in utility-scale energy storage projects expects to report revenue of GBP41.4 million for the year ended March 31, a rise of 5.3% from GBP39.3 million.

Earnings before interest, tax, depreciation and amortisation are expected to increase 2.2% to GBP28.4 million from GBP27.8 million.

The company intends on expanding its dividend yield to 12% from 6.9% last year.

Investment Manager Alex O'Cinneide said: "The performance highlights ongoing year-on-year growth across the key industry metrics and revenue stability through the clear success of the company's strategy. Despite the turbulence seen in the sector, the company achieved continued growth."

Energised capacity at year-end was up 45% to 421.4 megawatts from 291.6MW.

Looking forward, plans are in place to almost double capacity in the coming quarters as more assets under construction become operational.

Gore Street Energy shares were up 2.5% to 66.90 pence each in London on Tuesday afternoon.

By Elijah Dale, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Gore Street Energy Storage Fund Ord 66.10 GBX -0.30 -

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