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Energy Developments Limited (ENE) posted a NPAT (before specific items) of $15.3 million for the six months to 31 December 2009, up 54% on the previous corresponding period. The company reiterated the guidance provided at its Annual General Meeting in November for FY10 EBITDA to be in the low end of the range of $135 -$145 million.

Energy Developments said the increase in profit reflected the contributions from the 45MW Moranbah North WCMG project, which achieved full generation levels in May 2009.

Managing director, Greg Pritchard, said full contribution from the Moranbah North WCMG project and improved green credit revenues in Australia, US and the UK, helped offset the adverse impact of unfavourable exchange rates on results from our UK and European businesses.

The company said the 10% improvement in EBITDA to $66.2 million for the first half of FY10 was achieved on revenues of $130.4 million, up from $118.9 million in the pcp.

Energy Developments said cash on hand at 31 December 2009 was $56.8 million, compared to $64.8 million six months earlier.

Meanwhile, net debt was $401.8 million, down $29.3 million from 30 June 2009.

The company’s board resolved not to declare a dividend for 1H10 given the recent passing of control to Greenspark and the implications of Greenspark’s live offer.

Greenspark recently became the company’s new major shareholder with a current shareholding of in excess of 75% and made takeover bid for ENE in December 2009, which remains open until 6 February 2010.

"Greenspark has announced its intention to undertake a review of the company following the closure of its bid on 16 February, in order to evaluate future investment opportunities and to determine whether any additional equity will need to be raised to reduce leverage below current levels,” Energy Developments said.

As at 1414 AEDT, Energy Developments shares were down 4c to $2.70.  

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