viewActive Energy Group PLC

OPG Power Ventures shares boosted by interim results

The power firm continues to be profitable and it is cutting its debt levels.

Power button

OPG Power Ventures PLC (LON:OPG) told investors it has successfully continued its strategy of deleveraging whilst focusing on its profitable long-life assets in Channai.

The India-based power generator, in results for six months ended 30 September, reported an 8.9% increase in profit from continuing operations to £7.4mln, while earnings per share rose by 23.1% to 1.97p.

First-half revenue amounted to £78.4mln, compared to £77.9mln in the same period of last year, and, pre-tax profit was reported at £9.7mln for the period.

It also noted a 17.6% reduction in gross debt which stood at the end of £70.7mln

"Two years ago the board adopted a strategy to focus on our profitable, long-life assets in Chennai and to deleverage in order to deliver growth in shareholders' equity by the transfer of value from debtholders to investors,” Arvind Gupta, OPG chairman said in a statement. “This process continued successfully during the first half of this financial year.”

He added: “By maintaining our sector leading operational performance, we intend to sustain the rate of term debt repayment with the objective that in 2023 we will be debt free.  As interest costs decline in line with borrowings we will generate increasing levels of free cash flow which, in due course, will increase shareholder value substantially."

OPG shares rose by 15% to trade at 18.58p.

Quick facts: Active Energy Group PLC

Price: - -

Market: LSE
Market Cap: -

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Active Energy Group PLC named herein, including the promotion by the Company of Active Energy Group PLC in any Content on the Site, the Company...


Insert Here a Title of an Event Story

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Maecenas velit velit, malesuada sed mi vitae, pulvinar mollis turpis. Nunc fermentum semper metus non ullamcorper. Suspendisse non lorem eget tellus lobortis rutrum in bibendum ipsum. Maecenas ullamcorper ex sit amet odio tincidunt...

on 21/8/20

2 min read