JLEN hails "record" half-year investment gains but asset value drops

(Alliance News) - JLEN Environmental Assets Group Ltd on Monday said net asset value decreased ...

Alliance News 27 November, 2023 | 9:59AM
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(Alliance News) - JLEN Environmental Assets Group Ltd on Monday said net asset value decreased during its latest half year, but that it remains on track to meet its full-year dividend target.

The Guernsey-based environmental infrastructure investment fund said its NAV at September 30 was 119.7p per share, down 2.8% from 123.1p per share at March 31.

Shares in JLEN were down 1.1% at 95.31p each on Monday morning in London.

JLEN said it delivered an NAV total return of positive 1.4% for the half year that ended on September 30. Its portfolio evaluation at September 30 was GBP898.9 million, slightly up from GBP898.5 million at March 31.

JLEN also declared a total dividend of 3.78p per share for the six months that ended on September 30, up from 3.57p for the same period in 2022. The company believes it is on track to meet its 7.57p target for the year ending on March 31, 2024, up from 7.14p for the prior year.

JLEN said this half was its second consecutive period of "record distributions received from investments", underpinning its dividend cover.

The firm also said it made good progress during the period on its development and construction-stage investments, which comprise 9.0% of the portfolio's value and give potential for capital growth once they become operational.

"As JLEN approaches its tenth anniversary, the board is encouraged by the prospects for the portfolio and proud of its track record of delivering consistent dividend and NAV growth over its life," said Chair Ed Warner. "Our valuation during the period has been resilient in the face of macro-economic headwinds and cash generation from our underlying assets has been healthy."

Looking ahead, Warner added: "The outlook for sustainable infrastructure investment remains positive as the UK and European economies decarbonise to meet net zero emissions targets and find ways to live more sustainably.

"We will be suitably cautious in our approach given the prevailing uncertainties, but considering this is a long-term asset class, we view the future with confidence."

By Emma Curzon, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
JLEN Environmental Assets Group Ord 100.80 GBX 0.80 -

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