Research on Star Energy Group PLC (STAR:LON)  from Longspur Clean Energy

Star Energy delivered a softer set of FY25 numbers on weaker realised prices, but with markedly better cash conversion and a leaner balance sheet that, combined with the announced exit from Croatia, leaves the group as a more focused UK onshore play. Revenue fell to £34.7m from £43.7m and adjusted EBITDA dropped to £7.7m from £11.1m, while net cash from operating activities rose to £6.3m from £2.3m and net debt was reduced to £4.3m from £7.5m. Alongside results, management confirmed the disposal of its Croatian geothermal subsidiary IGeoPen, sharpening the strategic focus on producing UK assets and domestic geothermal optionality.

View Full Research