Unaudited results for the six months ended
Strong results and continued demand for
"As our continued customer growth demonstrates,
We continue to invest in the Company as we build our digital capacity and we expect that the first stage of our system investment will be completed before the end of the year. Additional roll outs will occur across the Company in 2017. We feel optimistic about the opportunities this investment provides as the
Our strong results supported by our recently oversubscribed share offer, investment in systems and continued focus on internal efficiencies, innovation and customer service excellence will help
The outlook for the remainder of the year remains positive and we remain confident of achieving the market's full year expectations."
Juliet Davenport OBE, Chief Executive Officer,
Six months ended 30 June |
H1 2016 |
H1 2015 |
Change |
|
£ million (unless otherwise stated) |
|
|
|
|
Revenue |
45.6 |
32.6 |
+40% |
|
Gross profit |
15.3 |
10.2 |
+50% |
|
Gross profit margin (%) |
33.5 |
31.3 |
+7% |
|
EBITDA |
6.2 |
3.6 |
+72% |
|
Operating Profit |
3.6 |
2.3 |
+60% |
|
Profit before tax |
1.4 |
0.5 |
+164% |
|
Basic earnings per share (pence) |
7.9 |
2.6 |
+204% |
|
Diluted earnings per share (pence) |
7.6 |
2.4 |
+217% |
|
Interim dividend per share (pence) |
1 |
1 |
0% |
|
Net Debt |
50.7 |
50.2 |
+1% |
|
|
|
|||
Electricity total customer meter points (number) |
72,250 |
55,000 |
+ 31% |
|
Gas total customer meter points (number) |
43,000 |
28,000 |
+ 54% |
|
Feed-in-Tariff total customer meter points (number) |
124,500 |
93,500 |
+ 33% |
|
|
||||
|
|
|||
Continuing strong growth
· Revenue up 40% to
· Gross profit increased 50% to
· Profit before tax up 164% to
Potential for growth
· The
·
Robust financial position
·
· Net operating cash flow
· Net debt at
1 Business customer electricity volume sold is converted into the equivalent number of domestic households based on a
For further information please contact: |
|
Arden Partners plc (Nomad) |
0121 423 8900 |
|
|
|
|
Camarco (Financial PR Adviser) |
020 3757 4980 |
|
|
|
|
Good Energy Press Office |
01249 478 358 |
|
|
Notes to editors
An AIM-listed PLC, and founder member of the
The company has consistently performed well in the annual Which? energy company customer satisfaction survey, winning first or second place in each of the last five years.
It now has 72,500 renewable electricity customers and 43,000 gas customers. It also provides Feed-in Tariff administrative services to 124,500 sites. (All figures as at 30 June 2016.)
Chief Executive OFFICER'S Review
Overview
In the first half of 2016, I am pleased to report that we have delivered strong revenue and profit growth. We have also made solid progress against our strategic pillars as we continue to focus on the delivery of our five-year strategy of a fivefold increase in customer sales by
As an established
Our customer meter points increased by 36% to 239,750 (H1 2015: 176,500) with over 20,000 new customers meter points since the end of 2015. Electricity and gas customer meter point growth in H1 2016 was 29% greater than over the same period in H1 2015. Total business customer consumption increased 38% to approximately 61.5GWh as businesses recognise the importance of climate change issues to consumers and the role that renewable energy can play in reducing their impact on the environment.
The funds from our significantly oversubscribed share offer are being used to develop our generation portfolio to maximise the value of our current assets and accelerate investment in our operational platform.
In the first half of the year we continued to invest in and strengthen our senior leadership team and digital capabilities with the appointment of a Head of Digital, Marketing and Brand and published our first Progress Report, outlining our aims and how we put our values into practice.
As the
These forces, combined with more
Financial Performance Review
Consolidated revenue continued its strong growth, up 40% to
The consolidated gross profit increased 50% to
Administration expenses increased by 48% to
EBITDA increased 72% to
Net finance costs increased 29% to
Profit before tax increased 164% to
The Board is therefore pleased to announce an interim dividend of 1p per ordinary share for the period
The Directors have again decided to offer shareholders the opportunity to elect to receive dividends in the form of new shares in the Company as an alternative to a cash dividend payment which allows the ongoing support of customer shareholders.
Total Assets increased 13% to
Total borrowings increased slightly by 1% to
Share premium account increased 28% to
Operational cash flow was an inflow of
The existing working capital overdraft facility with
Customer share offer
In
This support demonstrates our customer's ongoing commitment of
Strong customer growth
We continue to make progress on our growth ambitions of a fivefold increase in customer household equivalents by
Total customer meter points are up 36% to 239,750 (H1 2015: 176,500). As at
We remain committed to passing on wholesale cost reductions where possible to our customers, and for the second year running we were delighted to lower our gas prices, this time by 7.2% in
Electricity supply to business customers increased 38% to 61.5GWh (H1 2015: 44.5GWh) with companies keen to demonstrate their Corporate Social Responsibility and green credentials by seeking credible green alternatives to reduce their carbon foot print. Alongside this, the
FiT customer meter points grew strongly by 33% to 124,500 (H1 2015: 93,500) as changes to the FiT scheme announced by the Government came into force in H1 2016. While we continue to see FiT customer meter point growth we expect future growth to be lower than historical levels. As the market matures our focus will be on customer retention and offering additional services to FiT customers.
Excellence in customer service is key to our continuing success. It is therefore pleasing that we continue to perform well in the annual Which? energy company customer satisfaction survey, having achieved first or second place in each of the last four years. In addition, we have been voted number one for customer service twice by MoneySavingExpert readers and increased our customer advocacy score (Net Promoter Score) to 46 from 40, significantly higher than the highest of the Big Six (-18) and above other smaller suppliers such as Ovo (40) and
A key focus for the Company in 2016 is the investment and implementation of our CIS system in order to drive scalable growth to meet our 2020 targets.
We currently provide energy to 0.21% of the
While we are renowned for our green credentials, ethical approach and customer service we are focused on continuing to improve our brand awareness, which is currently just under 7%. Developing our brand awareness and digital presence increases name recognition and conversion and is core to the ongoing growth strategy.
This year we have enhanced our customer propositions with the introduction of carbon neutral green gas, an electronic vehicle tariff and a peer to peer energy trading platform. As the
Enhancing our digital capabilities allows us to become more efficient and provides us the opportunity to further improve our customer pricing in the market.
Generation and development
As a generator, as well as a supplier of renewable energy, we now own and operate a total of seven solar sites and two wind farms for a total of 52MW (H1 2015:42.5MW) of installed capacity.
During the period, we successfully commissioned a new 5MW solar site "
We also received planning permission for an additional 2MW solar farm located next to our wind farm at Delabole, in
The total output from our generation portfolio increased 19% to 43.2GWh (H1 2015: 36.4GWh). Solar output increased 107% to 19.0GWh (H1 2015: 9.2GWh) with 23.3MW of solar brought online throughout 2015 and H1 2016. Wind output was 11% lower at 24.2GWh (H1 2015: 27.2GWh) due to above average wind speeds in H1 2015.
Our growth ambitions require sources of renewable electricity generation. As announced at our 2015 year end, our immediate focus is to maximise the value of our existing development portfolio that qualify for Government support before
With the removal of subsidy support, our medium term generation focus has shifted to wind power of which we have over 90MW currently in development. Our longer term focus is on tidal, which we believe will offer a significant source of energy in the future.
We will continue to monitor and review the role that solar will play as part of our generation portfolio, with its participation mainly influenced by the evolution of construction costs after the removal of subsidies as well as additional revenues or optimisations that could be derived from new technologies such as battery storage.
We continue to actively manage our generation and development portfolio to realise the maximum value for
Propositions and Innovation
In
In
In May we also signed a Memorandum of Understanding with ITM Power, an energy storage and clean fuel company, to explore green electricity tariffs for hydrogen production at ITM's refuelling stations across the
Sustainability Report
In
Strategy
We continued to make progress against our four strategic pillars in H1 2016.
Get Efficient - drive down cost to serve
Drive process efficiency of existing processes and maximise the impact of new systems capacity on driving down cost to serve.
In the first six months we have been getting efficient with investment in our CIS system and middleware as well as upgrading our website with the first rollouts scheduled for H2 2016.
Get Clever - build a platform for 2020 growth
Build capacity of our people and systems to support the
In the first six months of the year we have been getting clever through the appointment of a Head of Digital, Marketing and Brand. and the sale of our solar site at Wrotham Heath. The sale released funds, allowing us to continue to invest in our development portfolio.
Get Great - create compelling propositions
Use the capabilities we are building to create compelling offers for our customers.
In the first six months of the year we have been getting great with the publishing of our Progress Report on environmental performance, completing our peer to peer energy trial and announcing our partnership with
Get Big - get famous, drive scale and profitability
Telling the right stories in compelling ways and making sure we can source the energy for them.
In the first six months of the year we have been getting big by connecting our 7th solar farm, launching our green gas product and dropping our gas prices by 7.2% to widen our appeal to new customers, getting the
Regulatory, political and market environment
The
Given the
We consider this market volatility offers opportunities for
Outlook
H1 2016 has seen a strong performance which has benefitted from the sale of Wrotham Heath and reflects the seasonality of the business, with greater profitability expected in the first 6 months of the year from the supply business. We expect to make further progress in the second half of the year including continuing to invest in growing the business and the Board remains confident of meeting the market's full year expectations.
The first stage of our CIS system and middleware investment as well as website updates are expected to be implemented in H2 2016 and this presents
We continue to make progress against our four strategic objectives, keeping us on track to achieve our long term objective of a five-fold increase in customer sales by
Summary
Investment in our systems and digital capabilities form the platform that allows the Company to be competitive in the future
We believe our low carbon offering to homes and businesses from a supplier who is renewable, ethical and innovative is new and will continue to be a key differentiator in the
Consolidated Statement of Comprehensive Income (Un-audited)
For the 6 months ended
|
Notes |
Un-audited 6 months to |
Un-audited 6 months to |
Audited 12 months to |
|||
|
|
|
|
|
|||
REVENUE |
|
45,567 |
32,590 |
64,281 |
|||
Cost of Sales |
|
(30,286) |
(22,428) |
(42,982) |
|||
GROSS PROFIT |
|
15,281 |
10,162 |
21,299 |
|||
Administrative Expenses |
|
(11,675) |
(7,903) |
(17,065) |
|||
|
|
|
|
|
|||
OPERATING PROFIT |
|
3,606 |
2,259 |
4,234 |
|||
Finance Income |
|
11 |
17 |
23 |
|||
Finance Costs |
|
(2,255) |
(1,760) |
(4,129) |
|||
PROFIT BEFORE TAX |
|
1,362 |
516 |
128 |
|||
|
|
||||||
Taxation |
|
(211) |
(146) |
(323) |
|||
PROFIT/(LOSS) FOR THE PERIOD
|
|
1,151 |
370 |
(195) |
|||
|
|
|
|
|
|||
|
|
|
|||||
|
|
|
|||||
|
|
|
|||||
Other comprehensive income for the period, net of tax |
|
- |
- |
- |
|||
|
|
|
|
|
|||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY |
|
1,151 |
370 |
(195) |
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
Earnings per share from profit for period: |
|
|
|
|
|||
- Basic |
6 |
7.9p |
2.6p |
(1.4p) |
|||
- Diluted |
6 |
7.6p |
2.4p |
(1.4p) |
|||
Consolidated Statement of Financial Position (Un-audited)
As at
|
Notes |
Un-audited |
Un-audited |
Audited |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
|
60,668 |
56,181 |
60,984 |
Intangible assets |
|
2,727 |
3,323 |
3,317 |
Restricted deposit assets |
|
2,833 |
- |
2,803 |
Available-for-sale financial assets |
|
500 |
500 |
500 |
Total non-current assets |
|
66,728 |
60,004 |
67,604 |
|
|
|
|
|
Current assets |
|
|
|
|
Inventories |
|
11,448 |
9,169 |
9,482 |
Trade and other receivables |
|
14,614 |
9,487 |
11,598 |
Current tax receivable |
|
- |
- |
126 |
Cash and cash equivalents |
|
6,832 |
9,533 |
4,751 |
Total current assets |
|
32,894 |
28,189 |
25,957 |
TOTAL ASSETS |
|
99,622 |
88,193 |
93,561 |
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
Capital and reserves |
|
|
|
|
Called up share capital |
8 |
823 |
748 |
748 |
Share premium account |
8 |
12,558 |
9,777 |
9,786 |
EBT shares |
|
(1,064) |
(1,074) |
(1,074) |
Retained earnings |
|
8,306 |
8,254 |
7,483 |
Total equity attributable to members of the parent company |
|
20,623 |
17,705 |
16,943 |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Deferred taxation |
|
502 |
119 |
567 |
Borrowings |
|
55,770 |
53,344 |
55,911 |
Total non-current liabilities |
|
56,272 |
53,463 |
56,478 |
|
|
|
|
|
Current liabilities |
|
|
|
|
Borrowings |
|
4,770 |
6,365 |
5,626 |
Trade and other payables |
|
17,795 |
10,627 |
14,514 |
Current tax payable |
|
162 |
33 |
- |
Total current liabilities |
|
22,727 |
17,025 |
20,140 |
Total liabilities |
|
78,999 |
70,488 |
76,618 |
TOTAL EQUITY AND LIABILITIES |
|
99,622 |
88,193 |
93,561 |
Consolidated Statement of Changes in Equity (Un-audited)
For the 6 months ended
|
Share Capital |
Share Premium |
Other Reserves |
Retained Earnings |
Total |
|
|
|
|
|
|
At |
733 |
9,077 |
(127) |
8,260 |
17,943 |
Profit for the period |
- |
-
|
- |
370 |
370 |
Other comprehensive income for the period |
- |
-
|
- |
- |
- |
Total comprehensive income for the period |
- |
- |
- |
370 |
370 |
Issue of new shares |
15 |
700 |
- |
- |
715 |
Tax credit relating to share option scheme |
- |
- |
- |
(39) |
(39) |
Sale of shares by EBT |
- |
- |
203 |
(4) |
199 |
Purchase of shares by EBT |
- |
- |
(1,150) |
- |
(1,150) |
Dividend Paid |
- |
- |
- |
(333) |
(333) |
Total contributions by and distributions to owners of the Parent, recognised directly in equity |
15 |
700 |
(947) |
(376) |
(608) |
At |
748 |
9,777 |
(1,074) |
8,254 |
17,705 |
At |
748 |
9,777 |
(1,074) |
8,254 |
17,705 |
Profit for the period |
- |
- |
- |
(565) |
(565) |
Other comprehensive income for the period |
- |
- |
- |
- |
- |
Total comprehensive income for the period |
- |
- |
- |
(565) |
(565) |
Share based payments |
- |
- |
- |
51 |
51 |
Issue of new shares |
- |
9 |
- |
- |
9 |
Tax credit relating to share option scheme |
- |
- |
- |
(112) |
(112) |
Dividend paid |
- |
- |
- |
(145) |
(145) |
Total contributions by and distributions to owners of the Parent, recognised directly in equity |
- |
9 |
- |
(206) |
(197) |
At |
748 |
9,786 |
(1,074) |
7,483 |
16,943 |
At |
748 |
9,786 |
(1,074) |
7,483 |
16,943 |
Profit for the period |
- |
- |
- |
1,151 |
1,151 |
Other comprehensive income for the period |
- |
- |
- |
- |
- |
Total comprehensive income for the period |
- |
- |
- |
1,151 |
1,151 |
Share based payments |
- |
- |
- |
25 |
25 |
Issue of new shares |
75 |
2,772 |
- |
- |
2,847 |
Tax credit relating to share option scheme |
- |
- |
- |
(20) |
(20) |
Sale of shares by EBT |
- |
- |
10 |
- |
10 |
Dividend paid |
- |
- |
- |
(333) |
(333) |
Total contributions by and distributions to owners of the Parent, recognised directly in equity |
75 |
2,772 |
10 |
(328) |
2,529 |
At |
823 |
12,558 |
(1,064) |
8,306 |
20,623 |
Consolidated Statement of Cash Flows (Un-audited)
For the 6 months ended
|
Notes |
Un-audited |
Un-audited |
Audited |
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
Cash generated from operations |
|
3,246 |
(3,358) |
1,590 |
Finance income |
|
- |
17 |
23 |
Finance cost |
|
(2,811) |
(770) |
(3,277) |
Income tax repaid |
|
- |
62 |
59 |
Net cash flows from operating activities |
7 |
435 |
(4,049) |
(1,605) |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Purchase of property, plant and equipment |
|
(605) |
(12,470) |
(17,748) |
Purchase of intangible fixed assets |
|
(123) |
(84) |
(492) |
Deposit into restricted accounts |
|
(30) |
- |
(2,803) |
Net cash flows used in investing activities |
|
(758) |
(12,554) |
(21,043) |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Payments of dividends |
|
- |
(316) |
(451) |
Proceeds from borrowings |
|
- |
21,861 |
24,749 |
Repayment of borrowings |
|
(430) |
(8,858) |
(10,348) |
Proceeds from issue of shares |
|
2,824 |
- |
- |
Purchase of own shares |
|
- |
(453) |
(453) |
Sale of own shares |
|
10 |
199 |
199 |
Net cash flows from financing activities |
|
2,404 |
12,433 |
13,696 |
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
2,081 |
(4,170) |
(8,952) |
Cash and cash equivalents at beginning of period |
|
4,751 |
13,703 |
13,703 |
Cash and cash equivalents at end of period |
|
6,832 |
9,533 |
4,751 |
Notes to the Interim Accounts
For the 6 months ended 30 June 2016
1. General information and basis of preparation
The Interim Financial Statements were prepared by the Directors and approved for issue on 13 September 2016. These Interim Financial Statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2015 were approved by the Board of Directors on 11 April 2016 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified and did not contain statements under 498 (2) or (3) of the Companies Act 2006 and did not contain any emphasis of matter.
As permitted these Interim Financial Statements have been prepared in accordance with
Certain statements within this report are forward looking. The expectations reflected in these statements are considered reasonable. However, no assurance can be given that they are correct. As these statements involve risks and uncertainties the actual results may differ materially from those expressed or implied by these statements.
The Interim Financial Statements have not been audited.
2. Going-concern basis
The Group meets its day to day capital requirements through positive cash balances held on deposit or through its bank facilities. The current economic conditions continue to create opportunities and uncertainties which can impact the level of demand for the Group's products and the availability of bank finance for the foreseeable future. The Group's forecasts and projections, taking account of the possible changes in trading performances, show that the Group should be able to operate within the level of its current facilities.
After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.
3. Estimates
The preparation of Interim Financial Statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing this set of condensed Interim Financial Statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Annual Financial Statements for the year ended 31 December 2015.
4. Financial risk factors
The Group's activities expose it to a variety of financial risks: market risk, currency risk, credit risk and liquidity risk. The condensed Interim Financial Statements do not include all financial risk management information and disclosures required in the Annual Financial Statements. They should be read in conjunction with the Annual Financial Statements as at 31 December 2015.
5. Segmental analysis
H1 2016 |
Electricity Supply
£000s |
FIT Administration
£000s |
Gas Supply
£000s |
Total Supply Companies
£000s |
Electricity Generation
£000s |
Generation Development
£000s |
Holding Company/ Consolidated Adjustments £000s |
Total
£000s |
|
|
|
|
|
|
|
|
|
Revenue |
25,874 |
2,766 |
13,694 |
42,334 |
4,247 |
786 |
(1,800) |
45,567 |
Cost of sales |
(19,500) |
(1,545) |
(8,606) |
(29,651) |
(2,096) |
(339) |
1,800 |
(30,286) |
Gross profit |
6,374 |
1,221 |
5,088 |
12,683 |
2,151 |
447 |
- |
15,281 |
Gross margin |
25% |
44% |
37% |
30% |
51% |
57% |
0% |
34% |
Admin costs |
|
|
|
(9,609) |
(196) |
(244) |
(1,626) |
(11,675) |
Operating profit/(loss) |
|
|
|
3,074 |
1,955 |
203 |
(1,626) |
3,606 |
Net finance costs |
|
|
|
1 |
(2,243) |
- |
(2) |
(2,244) |
Profit/(loss) before tax |
|
|
|
3,075 |
(288) |
203 |
(1,628) |
1,362 |
Taxation |
|
|
|
(247) |
36 |
- |
- |
(211) |
Net profit/(loss) for the period |
|
|
|
2,828 |
(252) |
203 |
(1,628) |
1,151 |
|
|
|
|
|
|
|
|
|
Depreciation & amortisation |
|
|
|
(1,260) |
(1,294) |
(1) |
- |
(2,555) |
EBITDA |
|
|
|
4,334 |
3,249 |
204 |
(1,626) |
6,161 |
EBITDA is calculated using operating profit before depreciation and amortisation charges in the year.
H1 2015 |
Electricity Supply
£000s |
FIT Administration
£000s |
Gas Supply
£000s |
Total Supply Companies
£000s |
Electricity Generation
£000s |
Generation Development
£000s |
Holding Company/ Consolidated Adjustments £000s |
Total
£000s |
|
|
|
|
|
|
|
|
|
Revenue |
19,783 |
1,748 |
9,029 |
30,560 |
3,832 |
200 |
(2,002) |
32,590 |
Cost of sales |
(14,281) |
(1,313) |
(7,054) |
(22,647) |
(1,453) |
(329) |
2,002 |
(22,428) |
Gross profit/(loss) |
5,503 |
435 |
1,975 |
7,913 |
2,379 |
(129) |
- |
10,162 |
Gross margin |
28% |
25% |
22% |
26% |
62% |
(65%) |
0% |
31% |
Admin costs |
|
|
|
(6,600) |
(173) |
(570) |
(559) |
(7,903) |
Operating profit/(loss) |
|
|
|
1,313 |
2,206 |
(700) |
(559) |
2,259 |
Net finance costs |
|
|
|
34 |
(1,717) |
(148) |
88 |
(1,743) |
Profit/(loss) before tax |
|
|
|
1,347 |
489 |
(848) |
(471) |
516 |
Taxation |
|
|
|
(74) |
(32) |
(10) |
(30) |
(146) |
Net profit/(loss) for the period |
|
|
|
1,272 |
457 |
(858) |
(501) |
370 |
|
|
|
|
|
|
|
|
|
Depreciation & amortisation |
|
|
|
(425) |
(888) |
(2) |
(1) |
(1,316) |
EBITDA |
|
|
|
1,738 |
3,094 |
(699) |
(559) |
3,575 |
6. Earnings per share
The calculation of basic earnings per share at 30 June 2016 was based on a weighted average number of ordinary shares outstanding for the six months to 30 June 2016 of 14,552,351 (for the six months to 30 June 2015: 14,463,037 and for the full year 2015: 14,454,565) after excluding the shares held by Clarke Willmott Trust Corporation Limited in trust for the Good Energy Group Employee Benefit Trust.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares to assume conversion of all potentially dilutive ordinary shares. Potentially dilutive ordinary shares arise from awards made under the Group's share-based incentive plans. When the vesting of these awards is contingent on satisfying a service or performance condition, the number of the potentially dilutive ordinary shares is calculated based on the status of the condition at the end of the period. Potentially dilutive ordinary shares are actually dilutive only when the Company's ordinary shares during the period exceeds their exercise price (options) or issue price (other awards). The greater any such excess, the greater the dilutive effect. The average market price of the Company's ordinary shares over the six month period to 30 June 2016 was 206p (for the six months to 30 June 2015: 225p and for the full year 2015: 222p). The dilutive effect of share-based incentives was 589,018 shares (for the six months to 30 June 2015: 663,466 shares and for the full year 2015: nil).
7. Net cash flows from operating activities
The operating cash inflow for the six months to 30 June 2016 is £0.4m (for the six months to 30 June 2015: £4.0m outflow and for the full year 2015: £1.6m outflow). This includes £1.1m (for the six months to 30 June 2015: £2.7m and for the full year 2015: £2.8m) of spend on inventory relating to generation projects.
8. Share issue
A share issue was completed in June 2016. 1,495,899 ordinary shares were issued at 208p per share, raising £3.1m before costs of £0.3m.
9. Related party transactions
Further to the related party transactions detailed in the Group's 2015 Annual Financial Report, there have been no new related party transactions in the reporting period.
This information is provided by RNS