Thrive Renewables Plc Announces Strong 2023 Annual Results

JP Jenkins Ltd announced the 2023 Annual Results for Thrive Renewables Plc, highlighting robust financial and operational performance for the period ending 31 December 2023.

Financial highlights reveal a 103% increase in operating profit to £13.6 million, up from £6.7 million in 2022. Turnover rose by 66% to £29 million. The company allocated £12.3 million for new clean energy projects and raised £5.1 million through crowdfunding. A recommended final dividend of 12p per share is set for approval at the AGM in June, with payment in July 2024. Thrive also proposes buying back 95,650 shares, pending shareholder approval.

Operationally, Thrive’s portfolio generated 136,316 MWh of renewable electricity in 2023, powering over 42,000 homes and reducing emissions by 58,620 tCO2e. Notable investments include £20 million with Ethical Power for solar and battery projects, £3 million for the UK’s first deep geothermal power plant, and £4 million for a wind turbine in Scotland. Additionally, Thrive became the first UK company to offer shared ownership of a standalone battery asset to a local community group in Bristol.