Declared Dividend • Aug 04
First half dividend increased to UK£0.13 Dividend of UK£0.13 is 11% higher than last year. Ex-date: 24th September 2026 Payment date: 23rd October 2026 Dividend yield will be 4.2%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 5x earnings). However, it is well covered by cash flows (36% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 505% to bring the payout ratio under control. EPS is expected to grow by 115% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Jul 31
First half 2026 earnings released: EPS: UK£0.49 (vs UK£0.61 in 1H 2025) First half 2026 results: EPS: UK£0.49 (down from UK£0.61 in 1H 2025). Revenue: UK£2.48b (down 6.3% from 1H 2025). Net income: UK£166.8m (down 25% from 1H 2025). Profit margin: 6.7% (down from 8.3% in 1H 2025). Revenue is expected to decline by 4.8% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Europe are expected to grow by 6.3%. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Aankondiging • Jun 19
Drax Group plc Announces Closure of Investigation by the Financial Conduct Authority Drax Group plc confirmed that the Financial Conduct Authority has closed its investigation into the Company, which was announced on 28 August 2025, and no action will be taken. The investigation covered the period January 2022 to March 2024 and related to certain historical statements regarding Drax's biomass sourcing and the compliance of Drax's 2021, 2022 and 2023 Annual Reports with the Listing Rules and Disclosure Guidance and Transparency Rules. The FCA has confirmed that it has no concerns warranting further investigation. Aankondiging • May 30
Drax Group Plc Announces CFO Changes Drax Group Plc had confirmed that its Chief Financial Officer, Frank Lemmink, had returned to work following a leave of absence to support his recovery from a recent health issue. The Company's Board of Directors had acknowledged the service of Deputy Chief Financial Officer, Daniel Peacock, who served as interim Chief Financial Officer for the duration of Frank Lemmink's leave. Aankondiging • Apr 30
Drax Group plc to Report First Half, 2026 Results on Jul 30, 2026 Drax Group plc announced that they will report first half, 2026 results on Jul 30, 2026 Aankondiging • Apr 03
Drax Group plc (LSE:DRX) acquired Flexitricity Limited from Quinbrook Infrastructure Partners Pty Ltd. for £42 million. Drax Group plc (LSE:DRX) has signed an agreement to acquire Flexitricity Limited from Quinbrook Infrastructure Partners Pty Ltd. for £42 million on January 21, 2026. The agreed sale price generates expected total sale proceeds of £42 million which represents an enterprise valuation of £36 million plus an estimated net working capital and cash adjustment of £6 million, which is subject to customary closing adjustments.
Flexitricity today employs over 85 people across operations, technology, engineering, finance, sales and trading.
Transaction is conditional on completion of regulatory approvals and processes. Completion is expected in Q1 2026.
Jefferies International Limited acted as financial advisor for Quinbrook Infrastructure Partners Pty Ltd. DLA Piper Group acted as legal advisor for Quinbrook Infrastructure Partners Pty Ltd.
Drax Group plc (LSE:DRX) completed the acquisition of Flexitricity Limited from Quinbrook Infrastructure Partners Pty Ltd. on April 1, 2026. Aankondiging • Mar 25
Drax Group plc, Annual General Meeting, Apr 30, 2026 Drax Group plc, Annual General Meeting, Apr 30, 2026. Location: 200 aldersgate, st pauls, ec1a 4hd, london United Kingdom Aankondiging • Mar 06
Drax Group plc Announces CFO Changes, Effective March 5, 2026 Drax Group plc announced that its Chief Financial Officer, Frank Lemmink, took a six-month leave of absence to support his recovery from a recent health issue, effective March 5, 2026. The Company's Board of Directors appointed Deputy Chief Financial Officer, Daniel Peacock, as interim Chief Financial Officer for the duration of Frank's leave. In this role, Daniel will report to Will Gardiner, Chief Executive Officer. Daniel is a Chartered Accountant and, prior to becoming Deputy Chief Financial Officer, was Director of Business Finance and FP&A since joining the Group in 2019. Aankondiging • Mar 03
Drax Group plc Announces Executive Changes, Effective March 2, 2026 Drax Group Plc announced that Rebecca Dunn has been appointed Group Company Secretary with effect from 2 March 2026. Rebecca replaces Hillary Berger, Group General Counsel, who had held the position on an interim basis since December 2025. Further to the appointment of Mark Clare as a non-executive director on 13 February 2026, the Board is pleased to confirm that Mark has been appointed a member of the Nomination, Audit and Remuneration Committees with effect from 2 March 2026. Aankondiging • Feb 26
Drax Group plc Proposes Final Dividend for the Year Ended 31 December 2025, Payable on May 15, 2026 Drax Group plc proposed final dividend of 17.4 pence for the year ended 31 December 2025, subject to approval at the 2026 Annual General Meeting, the final dividend will be paid on 15 May 2026. Ex-dividend date: 23 April 2026 and Record date: 24 April 2026. Aankondiging • Jan 22
Drax Group plc (LSE:DRX) has signed an agreement to acquire Flexitricity Limited from Quinbrook Infrastructure Partners Pty Ltd. for £42 million. Drax Group plc (LSE:DRX) has signed an agreement to acquire Flexitricity Limited from Quinbrook Infrastructure Partners Pty Ltd. for £42 million on January 21, 2026. The agreed sale price generates expected total sale proceeds of £42 million which represents an enterprise valuation of £36 million plus an estimated net working capital and cash adjustment of £6 million, which is subject to customary closing adjustments.
Flexitricity today employs over 85 people across operations, technology, engineering, finance, sales and trading.
Transaction is conditional on completion of regulatory approvals and processes. Completion is expected in Q1 2026.
Jefferies International Limited acted as financial advisor for Quinbrook Infrastructure Partners Pty Ltd. DLA Piper Group acted as legal advisor for Quinbrook Infrastructure Partners Pty Ltd. Aankondiging • Dec 11
Drax Group plc to Report Fiscal Year 2025 Results on Feb 26, 2026 Drax Group plc announced that they will report fiscal year 2025 results on Feb 26, 2026 Aankondiging • Jul 31
Drax Group plc Expects to Propose A Dividend for the 2025 Financial Year, Payable on 24 October 2025 Drax Group plc expects to propose a dividend for the 2025 financial year of 29.0 pence per ordinary share, an 11.5% increase (H1-24: 10.4 pence per share), consistent with policy to pay a dividend which is sustainable and expected to grow. As has been practice, 40% of the expected full year dividend, or 11.6 pence per ordinary share will be paid as an interim dividend. The interim dividend will be paid on 24 October 2025 with a record date of 26 September 2025. Aankondiging • May 02
Drax Group plc Approves the Final Dividend Drax Group plc approved the final dividend of 15.6 pence per share, at the AGM held on 1 May 2025. Aankondiging • Mar 26
Drax Group plc (LSE:DRX) reached an agreement to acquire Harmony Energy Income Trust Plc (LSE:HEIT) for £200 million. Drax Group plc (LSE:DRX) reached an agreement to acquire Harmony Energy Income Trust Plc (LSE:HEIT) for £200 million on March 25, 2025. A cash consideration valued at £0.88 per share will be paid by Drax Group plc. The conditions outlined for the Scheme and Acquisition are comprehensive and cover various aspects necessary for the successful completion of the transaction. Here's a summary of the key conditions, The acquisition is contingent upon the Scheme becoming unconditional and effective, subject to approval by HEIT Shareholders and the Court. The Consideration will be funded from existing cash on the balance sheet and does not impact Drax's ongoing £300 million share buyback programme announced on July 26, 2024, nor its planned dividend. It was in this context, and in order to explore opportunities to maximize value to HEIT Shareholders, that the HEIT Board engaged Jones Lang LaSalle in May 2024 with a mandate to seek offers for some or all of the HEIT portfolio. The aim of this process was to demonstrate to the market the true value of the HEIT portfolio and the continuing disconnect with the share price. At the time, HEIT Shares were trading at an approximately 50 per cent. discount to the published adjusted Net Asset Value per HEIT Share. The Scheme requires approval by a majority of HEIT Shareholders, representing at least 75% of the value of shares voted at the Court Meeting and General Meeting. The acquisition may require notification and approval by the Secretary of State under the NSI Act, and all necessary regulatory approvals must be obtained. The transaction is Subject to the satisfaction waiver of the Conditions, the Acquisition is expected to become Effective around the end of Q2 2025. Chris Clarke, Darren Vickers, Will King of Panmure Liberum Capital Limited acted as financial advisor for Harmony Energy Income Trust Plc. Robert Constant, James Robinson, Alia Malik, Rupert Budge of J.P. Morgan Securities plc acted as financial advisor for Drax Group plc. Pinsent Masons act as legal advisor for Drax Group plc, Gowling WLG (UK) LLP act as legal advisor for Harmony Energy Income Trust Plc, Computershare Investor Services PLC act as registrar for Harmony Energy Income Trust Plc. Aankondiging • Mar 01
Drax Group plc Proposes Final Dividend for Year 2024, Payable on May 16, 2025 Drax Group plc board proposes to pay a final dividend in respect of 2024 of £57 million, equivalent to 15.6 pence per share. This will make the full-year 2024 dividend £97 million (26.0 pence per share) (2023: £89 million, 23.1 pence per share). This represents a 12.6% increase on the dividend per share paid in respect of 2023. At the Annual General Meeting on 1 May 2025, the Board will seek shareholder approval to pay a final dividend for the year ended 31 December 2024 of 15.6 pence per share. If approved, the final dividend will be paid on 16 May 2025, with a record date of 25 April 2025. Aankondiging • Nov 12
Drax Group plc to Report Fiscal Year 2024 Results on Feb 27, 2025 Drax Group plc announced that they will report fiscal year 2024 results on Feb 27, 2025 Aankondiging • Jul 29
Drax Group plc (LSE:DRX) announces an Equity Buyback for £300 million worth of its shares. Drax Group plc (LSE:DRX) announces a share repurchase program. Under the program, the company will repurchase up to £300 million worth of its shares. The program is valid for 2 years Aankondiging • Jun 13
Drax Group plc Announces Appointment of Rob Shuter as Non-Executive Director and Audit Committee Chair Drax Group plc announced the appointment of Rob Shuter as a non-executive director and Audit Committee Chair, effective from June 11, 2024. Rob brings a wealth of complex financial, regulatory and strategic experience gained from over 30 years in the telecommunications and financial services sectors. Rob served on the BT Group plc executive committee as the divisional CEO of BT Enterprise between 2021 and January 2023, prior to which he served for 3 years as Group President and CEO of MTN Group Ltd. Rob also held a number of senior executive positions within the Vodafone Group between 2009 and 2016 including most recently as Chief Executive Officer, European Cluster in addition to serving between 2009 and 2011 as Chief Financial Officer of Vodacom Group Ltd. Rob worked in the financial services sector between 1992 and 2009 which included executive positions in retail banking at Nedbank Group Ltd. and investment banking at Standard Bank Group Ltd. More recently he served as Non-Executive Director and Chair of the Audit and Risk Committee for The GSM Association. Rob Shuter is a dual national of Britain and South Africa and qualified as a Chartered Accountant (South Africa) whilst working at Deloitte & Touche LLP. As previously announced, Vanessa Simms a non-executive director and the Chair of the Audit Committee will be standing down from Drax on June 18, 2024 after six years on the Board. Mr. Shuter was also formerly an executive director at: MTN Group Ltd, between March 2017 and September 2020; MTN Nigeria communications plc between March 2017 and September 2020. Aankondiging • Apr 27
Drax Group plc Approves the Final Dividend for the Year 2023 Drax Group plc approved the final dividend of 13.9 pence per share for the year 2023. Upcoming Dividend • Apr 11
Upcoming dividend of UK£0.14 per share Eligible shareholders must have bought the stock before 18 April 2024. Payment date: 17 May 2024. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of British dividend payers (6.0%). Higher than average of industry peers (3.6%). Declared Dividend • Mar 03
Final dividend increased to UK£0.14 Dividend of UK£0.14 is 10% higher than last year. Ex-date: 18th April 2024 Payment date: 17th May 2024 Dividend yield will be 4.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 40% over the next 3 years. However, it would need to fall by 82% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: UK£1.43 (vs UK£0.21 in FY 2022) Full year 2023 results: EPS: UK£1.43 (up from UK£0.21 in FY 2022). Revenue: UK£8.13b (up 4.5% from FY 2022). Net income: UK£562.2m (up UK£477.1m from FY 2022). Profit margin: 6.9% (up from 1.1% in FY 2022). The increase in margin was primarily driven by higher revenue. Revenue is expected to decline by 3.1% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Europe are expected to grow by 6.3%. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 09
Now 20% undervalued Over the last 90 days, the stock has risen 7.3% to UK£4.52. The fair value is estimated to be UK£5.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 2.0% per annum. Earnings are forecast to grow by 7.2% per annum over the same time period. Aankondiging • Dec 06
Drax Group plc to Report Fiscal Year 2023 Results on Feb 29, 2024 Drax Group plc announced that they will report fiscal year 2023 results on Feb 29, 2024 Buying Opportunity • Oct 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be UK£5.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 4.3% per annum. Earnings is also forecast to decline by 0.1% per annum over the same time period. New Risk • Sep 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. Minor Risks High level of debt (76% net debt to equity). Dividend is not well covered by cash flows (120% cash payout ratio). Profit margins are more than 30% lower than last year (2.2% net profit margin). Significant insider selling over the past 3 months (UK£537k sold). Buying Opportunity • Sep 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be UK£5.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 4.3% per annum. Earnings is forecast to grow by 1.5% per annum over the same time period. Aankondiging • Sep 06
Drax Group Appoints Miguel Veiga-Pestana as Chief Sustainability Officer Drax Group appointed Miguel Veiga-Pestana as Chief Sustainability Officer. Miguel is a seasoned leader of strategic sustainability and reputation building functions and he will use his extensive experience in major global corporations and 'not-for-profit' organizations to support Drax in delivering its purpose, strategic aims and ambition. Prior to coming to Drax, Miguel most recently held the Executive Committee role of Chief Sustainability Officer and Head of Corporate Affairs at the British multinational consumer goods company, Reckitt Benckiser. He has also been Chief Communications Officer at the Executive Leadership level for the Bill and Melinda Gates Foundation, the world's largest philanthropic organisation, and worked for 11 years at Unilever where he was Vice President of Global External Affairs and Sustainability. Recent Insider Transactions • Sep 01
Managing Director of Customers recently sold UK£438k worth of stock On the 30th of August, Paul Sheffield sold around 80k shares on-market at roughly UK£5.49 per share. This transaction amounted to 83% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of UK£748k more than they bought in the last 12 months. Aankondiging • Sep 01
Drax Group Appoints Andrea Bertone to Board of Directors Drax Group appointed Andrea Bertone as a non-executive director and Chair Designate of Drax. Bertone is the former President of Duke Energy Corporation's international division (DEI) where she spent 15 years in leadership roles, including seven years as President of DEI with executive responsibility for a portfolio of 4,400MW of hydro and thermal assets. The appointment is in anticipation of the conclusion of Philip Cox's successful nine-year tenure as a non-executive director during which he made a significant contribution to Drax's growth and success. Cox will step down as Chair and a non-executive director on December 31, 2023, and the Board expresses their sincere gratitude for Cox's valuable service. Bertone will assume the position of Chair effective January 1, 2024. The appointment of Bertone in the role of Chair Designate allows for a managed handover from Cox prior to her assuming the position. Prior to serving as President, Bertone held senior legal positions between 2001 and 2009 at DEI, including as associate General Counsel from 2003 to 2009, as part of which she oversaw legal and regulatory matters for the Group's business in Latin America. Bertone left Duke in 2016. Prior to Duke, Bertone's roles included Latin America counsel with Baker McKenzie. Bertone currently serves as a non-executive director of several companies each of which is publicly listed and operating in diverse sectors, spanning packaging manufacturing, energy and waste management. Aankondiging • Aug 24
Drax Group plc Announces Board Changes Drax Group plc announced the appointment of Andrea Bertone as a non-executive director and Chair Designate of the Company, effective from 24 August 2023. The appointment is in anticipation of the conclusion of Philip Cox's successful nine-year tenure as a non-executive director during which he made a significant contribution to the Company's growth and success. Mr. Cox will step down as Chair and a non-executive director on 31 December 2023, and the Board expresses their sincere gratitude for Mr. Cox's valuable service. Ms Bertone will assume the position of Chair effective 1 January 2024. The appointment of Ms Bertone in the role of Chair Designate allows for a managed handover from Mr. Cox prior to Ms Bertone assuming the position of Chair. Ms Bertone is the former President of Duke Energy Corporation's ("Duke") international division ("DEI"). Ms Bertone spent 15 years at Duke, including seven years as President of DEI with executive responsibility for a portfolio of c.4,400MW of hydro and thermal assets.Prior to serving as President, Ms Bertone held senior legal positions between 2001 and 2009 at DEI, including as associate General Counsel from 2003 to 2009, as part of which she oversaw legal and regulatory matters for the Group's business in Latin America. Ms Bertone left Duke in 2016. Prior to Duke, Ms Bertone's roles included Latin America counsel with Baker McKenzie. Ms Bertone has current experience in serving as a non-executive director of several companies each of which is publicly listed and operating in diverse sectors, spanning packaging manufacturing, energy and waste management. Ms Bertone who is resident in Houston, Texas, earned a Bachelor of Law from the University of Sao Paulo Law School in Brazil and a Master of Law in International and Comparative Law from Chicago-Kent College of Law at the Illinois Institute of Technology. Ms Bertone is a member of the Brazilian Bar Association. Upcoming Dividend • Aug 17
Upcoming dividend of UK£0.092 per share at 3.8% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 06 October 2023. Payout ratio is a comfortable 47% but the company is paying out more than the cash it is generating. Trailing yield: 3.8%. Lower than top quartile of British dividend payers (6.1%). Higher than average of industry peers (2.9%). New Risk • Jul 29
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.2% Last year net profit margin: 3.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (76% net debt to equity). Dividend is not well covered by cash flows (117% cash payout ratio). Profit margins are more than 30% lower than last year (2.2% net profit margin). Reported Earnings • Jul 28
First half 2023 earnings released: EPS: UK£0.62 (vs UK£0.37 in 1H 2022) First half 2023 results: EPS: UK£0.62 (up from UK£0.37 in 1H 2022). Revenue: UK£4.09b (up 15% from 1H 2022). Net income: UK£248.1m (up 67% from 1H 2022). Profit margin: 6.1% (up from 4.2% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is expected to fall by 3.0% p.a. on average during the next 3 years compared to a 8.5% decline forecast for the Renewable Energy industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Aankondiging • Jul 28
Drax Group plc Resolves to Pay an Interim Dividend for the Six Months Ended 30 June 2023, Payable on 6 October 2023 On 26 July 2023, the Board of Drax Group plc resolved to pay an interim dividend for the six months ended 30 June 2023 of 9.2 pence per share (£36 million), representing 40% of the expected full year dividend. The interim dividend will be paid on 6 October 2023 with a record date of 25 August 2023. Aankondiging • Jun 29
Drax Group plc to Report First Half, 2023 Results on Jul 27, 2023 Drax Group plc announced that they will report first half, 2023 results on Jul 27, 2023 Upcoming Dividend • Apr 13
Upcoming dividend of UK£0.13 per share at 3.3% yield Eligible shareholders must have bought the stock before 20 April 2023. Payment date: 19 May 2023. Payout ratio is on the higher end at 99%, and the cash payout ratio is above 100%. Trailing yield: 3.3%. Lower than top quartile of British dividend payers (5.9%). Higher than average of industry peers (2.4%). Recent Insider Transactions • Apr 03
Group CEO & Executive Director recently sold UK£234k worth of stock On the 30th of March, Dwight Daniel Gardiner sold around 44k shares on-market at roughly UK£5.29 per share. This transaction amounted to 5.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Dwight Daniel has been a net seller over the last 12 months, reducing personal holdings by UK£476k. Recent Insider Transactions • Feb 26
CFO & Director recently bought UK£125k worth of stock On the 23rd of February, Andy Skelton bought around 19k shares on-market at roughly UK£6.42 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Andy's only on-market trade for the last 12 months. Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: UK£0.21 (vs UK£0.14 in FY 2021) Full year 2022 results: EPS: UK£0.21 (up from UK£0.14 in FY 2021). Revenue: UK£7.78b (up 53% from FY 2021). Net income: UK£85.1m (up 53% from FY 2021). Profit margin: 1.1% (in line with FY 2021). Revenue is expected to fall by 8.2% p.a. on average during the next 3 years compared to a 8.3% decline forecast for the Renewable Energy industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Aankondiging • Dec 15
Drax Group plc to Report Fiscal Year 2022 Results on Feb 23, 2023 Drax Group plc announced that they will report fiscal year 2022 results on Feb 23, 2023 Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 16% share price gain to UK£7.56, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 22x in the Renewable Energy industry in Europe. Total returns to shareholders of 201% over the past three years. Upcoming Dividend • Aug 18
Upcoming dividend of UK£0.084 per share Eligible shareholders must have bought the stock before 25 August 2022. Payment date: 07 October 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of British dividend payers (5.2%). Lower than average of industry peers (3.5%). Reported Earnings • Jul 27
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up UK£6.10m from 1H 2021). Profit margin: (up from net loss in 1H 2021). Over the next year, revenue is expected to shrink by 5.3% compared to a 2,755% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • May 28
Investor sentiment deteriorated over the past week After last week's 18% share price decline to UK£6.59, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 24x in the Renewable Energy industry in Europe. Total returns to shareholders of 159% over the past three years. Recent Insider Transactions • May 10
Group CEO & Executive Director recently sold UK£243k worth of stock On the 3rd of May, Dwight Daniel Gardiner sold around 30k shares on-market at roughly UK£8.09 per share. This was the largest sale by an insider in the last 3 months. Dwight Daniel has been a seller over the last 12 months, reducing personal holdings by UK£342k. Upcoming Dividend • Apr 21
Upcoming dividend of UK£0.11 per share Eligible shareholders must have bought the stock before 28 April 2022. Payment date: 13 May 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.3%. Lower than top quartile of British dividend payers (4.6%). Lower than average of industry peers (3.3%). Reported Earnings • Feb 25
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: UK£0.14 (up from UK£0.49 loss in FY 2020). Revenue: UK£5.09b (up 20% from FY 2020). Net income: UK£55.6m (up UK£250.2m from FY 2020). Profit margin: 1.1% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 9.0%. Over the next year, revenue is forecast to grow 43%, compared to a 43% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Recent Insider Transactions • Dec 23
Group CEO & Executive Director recently sold UK£99k worth of stock On the 22nd of December, Dwight Daniel Gardiner sold around 17k shares on-market at roughly UK£5.95 per share. This was the largest sale by an insider in the last 3 months. Dwight Daniel has been a seller over the last 12 months, reducing personal holdings by UK£514k. Board Change • Oct 23
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Senior Independent Non-Executive Director David Nussbaum was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Aug 19
Upcoming dividend of UK£0.075 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 08 October 2021. Trailing yield: 4.1%. Within top quartile of British dividend payers (3.8%). Higher than average of industry peers (2.3%). Upcoming Dividend • Apr 15
Upcoming dividend of UK£0.10 per share Eligible shareholders must have bought the stock before 22 April 2021. Payment date: 14 May 2021. Trailing yield: 4.1%. Lower than top quartile of British dividend payers (4.2%). Higher than average of industry peers (2.3%). Is New 90 Day High Low • Mar 15
New 90-day high: UK£4.06 The company is up 21% from a price of UK£3.36 on 15 December 2020. Outperformed the British market which is up 5.0% over the last 90 days. Exceeded the Renewable Energy industry, which is up 7.0% over the same period. Recent Insider Transactions • Mar 11
Group CEO & Executive Director recently sold UK£415k worth of stock On the 8th of March, Dwight Daniel Gardiner sold around 114k shares on-market at roughly UK£3.66 per share. This was the largest sale by an insider in the last 3 months. Dwight Daniel has been a seller over the last 12 months, reducing personal holdings by UK£117k. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue misses expectations Revenue missed analyst estimates by 5.0%. Over the next year, revenue is forecast to grow 1.4%, compared to a 119% growth forecast for the Renewable Energy industry in the United Kingdom. Is New 90 Day High Low • Feb 11
New 90-day high: UK£4.02 The company is up 25% from its price of UK£3.20 on 12 November 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£21.22 per share. Is New 90 Day High Low • Dec 24
New 90-day high: UK£3.67 The company is up 44% from its price of UK£2.54 on 24 September 2020. The British market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£18.53 per share. Is New 90 Day High Low • Dec 03
New 90-day high: UK£3.42 The company is up 29% from its price of UK£2.64 on 04 September 2020. The British market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£11.43 per share. 
