‘No reason to question the long-term goals’ – GreenVolt CEO
On the day the group's first half results were announced, with profits of about €1 million, Manso Neto stressed that the commitment is to achieve "growth of 40% a year until 2025."
The CEO of Greenvolt, João Manso Neto, said that he has “no reason to question the long-term goals” he set, recalling the goal of 40% growth per year until 2025.
Speaking to Lusa on Wednesday, the day the group’s first half results were announced, with profits of about €1 million, a year-on-year fall of 82.3%, Manso Neto stressed that the commitment is to achieve “growth of 40% a year until 2025,” after an atypical 2021, with the purchase of the British company Tilbury and the shutdown of biomass plants for maintenance.
“I have no reason to question the long-term objectives and on top of this also [there is] the fact that we have 350 MW [megawatts] more of authorised projects under construction by the end of 2022 compared to what we showed the market during the IPO [Initial Public Offering],” stressing his “confidence in the medium-term results” and with effect as soon as it is possible to “fully consolidate the assets in operation”, something that will happen between September and the end of the year.
Questioned about future acquisitions, João Manso Neto said he is not “obsessed with that”, adding that “it could be this year or next year”, stressing that he is “obsessed with extracting value from what Greenvolt has.”
About the future of biomass, one of the company’s main businesses, João Manso Neto said he considers that “the current plants are fine for the biomass that exists”, but admits “that there are some areas of the country, where biomass plants could play an important role in preventing fires”, such as, for example, in Monchique.
João Manso Neto also revealed that, in total, the company, part of the Altri group, has around 100 employees in Portugal and abroad, and in the national case, where it has around 20 employees, the CEO admits a 50% growth in staff.
Greenvolt’s profits fell in the first half of this year by 82.3% year-on-year to €1,032 million, with the impact of maintenance stoppages at biomass plants in Portugal and the acquisition of British Tilbury.
“The first half 2021 results were impacted by several non-recurring effects, and are therefore not directly comparable, such as transaction costs relating essentially to the costs of the acquisition of the Tilbury plant and maintenance stoppages,” the company noted in a statement.