Windlab Limited has released its annual results for the 2017 year. Windlab delivered a strong financial result for 2017, and in doing so met its prospectus revenue forecast and exceeded its Net Profit Before Tax (NPBT) statutory prospectus forecast.

The Company achieved strong revenue and earnings growth. Revenue for the year grew 36% to $23.3M, excluding equity accounted profits from associates (operating projects). NPBT grew 184% to $14.4M, compared to a statutory prospectus forecast of $12.5M.

Operating expenses were $6.3M including $0.7m in one off IPO costs, compared to a statutory prospectus forecast of $7.4M. Direct Project expenditure was $2.7M, compared to a prospectus forecast of $3.2M, despite progressing all major projects as expected.

Cashflow from Operating Activities grew 775% to $12.0M, driven by financial close payments from Coopers Gap and Kennedy Energy Park, project revenues from South Africa and the US and growing recurring cashflows.

Recurring revenues from asset management and equity accounted profits from operating projects more than doubled to $2.7M.

At year end the Group held $14.2M in cash, mainly in Australian dollars. Net assets grew from $13.4M to $56.9M, including $23.6m in new equity net of costs, conversion of $10.6M in debt, and the strong net profit. The Group's outstanding fixed-interest working capital facility with the Clean Energy Finance Corporation totals $4.7m, a very modest level of gearing against total assets of $73.1m.

Investments in operating projects grew by $30.3m following contribution of the Group's 50% share of construction equity to Kennedy Energy Park and the accumulation of profits in the Kiata Wind Farm SPV.

"These results are an affirmation of Windlab's scientific advantage, development track record and business model. Strong growth in recurring revenue will continue this year as Kiata and Kennedy contribute in 2018 and beyond." said Roger Price, Executive Chairman.

"In parallel with achieving these results in 2017 we have continued to invest in our pipeline, with Lakeland, Kennedy Phase 2, and our overseas projects progressing through development. These investments will underpin Windlab's future growth plans as we complete projects and extract value from our high quality development portfolio."

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