Investment in scale, higher generation drive results

Mercury NZ Limited has reported strong financial results for the six months to 31 December 2022, with significant investment to increase scale and higher generation driving the results.

The company has recently acquired Tilt Renewables’ New Zealand operations, Trustpower’s retail business and built New Zealand’s biggest windfarm at Turitea.

Operating earnings (EBITDAF) were up $223m to $451m for the period, while net profit was down $197m to $230m.

The company also faced significant headwinds over the period, including an inflationary environment, access to technology and a tight labour market.

In light of this, the Board has declared a fully imputed interim dividend of 8.7 cents per share.

Mercury’s full year EBITDAF guidance remains at $795m.