Thrive Renewables Plc 2024 Half-Year Results

Thrive Renewables Plc has reported significant progress in its half-year results for the period ending 30 June 2024. Operating profit rose by 24% to £7.4 million from £5.9 million in HY 2023, while turnover increased by 18% to £14.6 million compared to £12.3 million in the previous half-year period.

The company has entered into a joint venture with TopCashback Sustainability Limited, potentially unlocking £80 million for new clean energy projects. Upcoming debt arrangements will inject an additional £17 million. Thrive distributed a final dividend of 12p per share for 2023 and bought back 95,650 shares.

Thrive's renewable projects generated 69,698 MWh of clean electricity, a 10% increase from H1 2023. The company provided £75 million in funding to Eden Sustainable to accelerate solar PPA projects and invested £1 million in community-owned wind turbines. Additionally, a 25-year extension was achieved for its Beochlich hydro project, and planning permission was granted for an extension to the Drumduff wind farm.