Half Year 2024 Gresham House Energy Storage Fund PLC Earnings Call Transcript
Key Points
- Operational capacity increased by 34% year-over-year, targeting 1,072 megawatts.
- Landmark tolling agreement with Octopus Energy for 568 megawatts, providing revenue visibility.
- Net debt expected to peak at no more than GBP165 million, with a cash position of at least GBP10 million.
- Four projects augmented and two new projects completed, contributing to operational growth.
- Plans to reinstate a dividend policy in 2025, indicating financial stabilization.
- EBITDA declined to GBP10.4 million in the first half, down from GBP25 million last year.
- Net asset value (NAV) dropped in the first half, reflecting lower revenue forecasts.
- Dividend cut to preserve capital, impacting investor returns.
- Challenges in selling complex portfolios, leading to a simplified disposal strategy.
- Continued reliance on NESO for better utilization of battery assets, which has been slow to materialize.
Good afternoon, everyone. We will just give us a couple of minutes just to allow people to joined. A bit longer. Okay. There's still one or two people joining, but it's one minute past the hour, so I think we'll kick off.
Good afternoon, ladies and gentlemen. Welcome to this presentation of the Gresham House Energy Storage Fund interim results for the half year ending June 30, 2024. I'm delighted to be accompanied today by the Fund Manager, Ben Guest, and Assistant Fund Manager, James Bustin. Ben will present on the results and outlook for the first 20 odd minutes of this session. We'll then open it up to Q&A. If you could send in our e-mail your questions, and we'll look to answer as many as we can in the allotted time. Thank you very much.
Ben, over to you.
Thank you very much, Rupert, and good afternoon, everyone. I'm glad to be presenting
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