Chariot Ltd (AIM:CHAR, OTC:OIGLF) chief executive Adonis Pouroulis told investors there’s a clear plan for both its upstream and renewable energy businesses as the small-cap firm reported final results for 2024, a period that preceded plans to split the company.
In May, Chariot announced it would separate the two businesses, which each have their own growth paths.
“Our gas and power pillars now have their own momentum and we believe now is the right time to split the Group, in order to maximise value for shareholders,” Pouroulis highlighted in today’s statement.
“Some of Chariot's core strengths lie in its ability to be nimble, spot an opportunity, adapt when needed and we will now evolve again into two distinct businesses - Upstream Oil and Gas, and Renewable Power - to create two investment opportunities and look to release unrecognised value that is sitting within the group,” the Chariot boss added.
“We have a clear plan for both entities and see the potential to deliver material growth with each one.”
Investors can read the full results statement for 2024 here.