Really solid result, and ahead of my expectations:
Underlying Profit up $703 million to $747 million;
Fully franked interim FY2024 dividend of 27.5 cps - I had guessed/hoped for 25cps;
Energy Markets EBITDA is expected to be $1,600 – $1,800 million, excluding Octopus Energy; Wow!;
Octopus now number 1 supplier in UK market, and, lowest cost of provision. I expect there will be a few "good" surprises for Octopus in '24. As at December, for example, Octopus had a wait list of 50000 customers for heat pumps. A really good article and video helps explain the Octopus business better
https://www.canarymedia.com/articles/climatetech-finance/uks-octopus-energy-raises-800m-to-expand-global-clean-energy-push.
In my view, the market has yet to factor in the potential of this business - and what it has achieved to date.
Dividends in future to be fully franked.
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