Publication of Annual Report
& Notice of AGM
We have seen no significant financial impact from the coronavirus (COVID-19) outbreak to date. The Company started the period with a strong cash position and this has been maintained, due to:
· Our diverse Domestic and Commercial supply bases; whilst near-term overall demand has decreased and pricing patterns have shifted, cash collection to date has remained in line with normal seasonal expectations;
· Pro-active actions to mitigate any potential short-term cashflow issues; and
· Successful business continuity execution.
We continue to monitor the situation very closely while planning for a range of scenarios including changes to current government guidance or policy.
Operationally, the Kraken customer service system implementation and associated operating model transformation is progressing as planned, with almost two thirds of our customers now successfully migrated onto the new platform.
Furthermore, our generation assets continue to perform well, with above average output so far in 2020.
The Board has a progressive dividend policy, recognising the importance to our shareholders of the dividend as part of their overall return. However, in light of the ongoing COVID-19 pandemic and ongoing focus on prudent cash flow management, the Board of Directors has decided to defer the final dividend previously announced. The Board has also taken the same action with regards to the 2019 employee bonus.
The Board will review this position following the publication of our interim results in
The Annual Report and Accounts for the year ended
The Annual Report and Accounts is available online at:
Notice of Annual General Meeting:
The Notice of AGM has been posted to shareholders. The Company will be holding a closed AGM on
Shareholders are encouraged to appoint the Chairman as their proxy, to ensure that they can vote and be represented at the AGM. No proxy other than the Chairman will be entitled to attend the meeting in person. Forms of proxy must be completed, signed and returned so as to be received by the Company's Registrars by no later than
AGM Statement and Presentation:
The next planned update to the market will be an AGM statement to be released on the morning of
Via Walbrook PR
Tel: +44 (0) 20 7597 5970
Walbrook (Financial PR)
Tel: +44 (0) 20 7933 8783
Notes to editors:
Since it was founded 20 years ago, the Company has been at the forefront of the charge towards a cleaner, distributed energy system. Its mission is to support
This information is provided by RNS, the news service of the