27 June 2024
Harmony Energy Income Trust
plc
(the "Company")
Interim
Results
Harmony Energy Income Trust plc,
which invests in battery energy storage assets ("BESS") in Great Britain, is pleased to
announce its (unaudited) interim results for the six-month
period ended 30 April 2024 (the
"Reporting
Period").
Highlights for the Reporting Period
include:
· Total
Portfolio: 790.8 MWh / 395.4 MW
across eight BESS projects;
· 70% Operational
(by MW capacity): 555 MWh / 277.5 MW across five
projects;
· Operational Revenue increased
to £8.0m in the Reporting Period compared to £2.3m in the equivalent period ending 30 April
2023 as a result of increasing proportion of operational projects
in the portfolio;
· Net Asset Value
("NAV"): £218.53m;
· NAV per Ordinary
Share: 96.21 pence (as at 30 April
2024);
· 6.1 per cent NAV total return
since IPO;
· Estimated 29,858 tonnes of
CO2e emissions avoided;
and
· Post Reporting Period, the
Board resolved to:
-
amend the
Company's dividend policy (the "Policy") to be an ongoing commitment to distribute, by way of interim
dividends and subject to maintenance of a suitable working capital
buffer, a minimum of 85% of operational free cash flow, such
amounts to be determined by the Board on a semi-annual basis. The
Policy will be regularly reviewed and will be subject to
shareholder approval at the next annual general meeting of the
Company; and
-
confirm the cancellation of the Q1 2023/24
financial year dividend (previously postponed);
The full interim report and accounts
in relation to the Reporting Period can be found
here: http://www.rns-pdf.londonstockexchange.com/rns/0612U_1-2024-6-27.pdf
Norman Crighton, Chair of Harmony Energy Income Trust plc,
said:
"The Company is working through a critical
phase of its development cycle as an Investment Trust. Over
the coming months, our final three assets will become fully
operational, which will lead to a substantial increase in income,
other things being equal. This factor, together with the
encouraging market signals described in this Interim Report,
encourages the Board that the worst is behind us and better, more
profitable times lie ahead."
Results presentation:
A results presentation for analysts
will take place at 11:00 a.m. BST today by webcast. Those wishing
to attend should email harmony@camarco.co.uk.
A copy of the presentation slides, for those unable to attend, will
be available on the Company's website.
A copy of the interim report and
accounts for the Reporting Period will also be available on the
Company's website at:
https://www.heitp.co.uk/investors/results-reports-and-presentations/.
The report has also been submitted to the National Storage
Mechanism and will be available shortly at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
For
further information, please contact:
|
Harmony Energy Advisors Limited
Paul Mason
Max Slade
Peter Kavanagh
James Ritchie
|
info@harmonyenergy.co.uk
|
|
Liberum Capital Ltd
Chris Clarke
Darren Vickers
Owen Matthews
Will King
|
+44 (0)20 3100 2000
|
|
Stifel Nicolaus Europe Limited
Mark Young
Edward Gibson-Watt
Rajpal Padam
Madison Kolinski
|
+44 (0)20 7710 7600
|
|
Camarco
Eddie
Livingstone-Learmonth
Andrew Turner
|
+44 (0)20 3757 4980
|
|
JTC
(UK) Limited
Uloma
Adighibe
|
+44 (0)20 3832 3877
Harmony.CoSec@jtcgroup.com
|
The Company's LEI is
254900O3XI3CJNTKR453
Further information on the Company
can be found on its website at: https://www.heitp.co.uk/
About Harmony Energy Advisors
Limited (the "Investment Adviser")
The Investment Adviser is a wholly
owned subsidiary of Harmony Energy Limited.
The management team of the
Investment Adviser have been exclusively focussed on the energy
storage sector (across multiple projects) in Great Britain for over
seven years, both from the point of view of asset owner/developer
and in a third-party advisory capacity. The Investment
Adviser is an appointed representative of Laven Advisors LLP, which
is authorised and regulated by the Financial Conduct
Authority.
