Monday 17th May 2021
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Trustpower Limited today announced its financial results for the year ended 31 March 2021, seeing off the challenges of 2020 to deliver a seven percent increase in EBITDAF.
Both the retail and generation operations contributed to the strong result. Retail earnings increased 33 percent on the previous year, from $35.3 million to $47.0 million, with the introduction of mobile to the company’s bundled product offering and continued customer migration to higher value broadband plans seeing a significant increase in telco revenue.
Generation delivered a solid EBITDAF of $154.1 million, in line with the previous year, despite extended dry sequences seeing inflows only reach 83 percent of average levels.
Trustpower Chair Paul Ridley-Smith says the strong performance of each operation reaffirmed the Board’s decision to explore the potential sale of the retail business and establishment of a standalone generation business.
“We firmly believe in the growth potential of both the generation and retail businesses. These results confirm that both generation and retail are sound operations that could thrive independently of each other.”
On 28 January 2021 Trustpower announced a strategic review of its retail business. This review is aimed at testing market interest in the sale of its mass market retail business and exploring the business case for a standalone generation business. On 28 April 2021 Trustpower announced its intention to enter into due diligence with a number of interested parties to further explore the possible sale of the retail business. At the time of this announcement the process remains ongoing.
Mr Ridley-Smith announced the Board has approved a fully imputed dividend of 17.0 cents per share, as well as a one-off special dividend of 1.5 cents per share, also fully imputed. Mr RidleySmith says the special dividend is a ‘catch up’ on the previous year where Trustpower declared a reduced dividend of 15.5 cents per share amidst the uncertainty surrounding the impacts of COVID19.
Together with the interim dividend of 17 cents per share paid in December 2020, this provides a total fully imputed dividend of 35.5 cents per share for the 2021 financial year. The dividend will be paid on 18 June 2021.
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