Gresham House Energy Storage (GRID) has suspended its fourth-quarter dividend and outlined plans to initiate a share buyback programme, in response to a downturn in revenues within the UK's battery storage industry.
In a trading update today (1 February), the £841m trust said it would not declare a dividend for Q4 2023 and warned that if the current revenue environment endures, it will be "challenging" to generate the cash required to cover the dividend this year. The board intends to recalibrate the trust's dividend target for 2024 and the dividend policy on an ongoing basis to "better reflect the predominantly merchant nature of its revenues". A further announcement is expected by the publication of its annual results in April. The challenging revenue conditions for batteries in Great Britain t...
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