26th Mar 2025 12:32
(Alliance News) - Downing Renewables & Infrastructure Trust PLC on Wednesday expressed confidence in navigating "ongoing macroeconomic uncertainties" as it reported a widening of its share price discount to net asset value in 2024.
The Leeds, England-based company is an investor in UK and Northern European renewable energy assets.
The trust reported a NAV per share at December 31 of 116.7 pence, down 0.8% from 117.7p the prior year. It's NAV fell 5.7% to GBP199.9 million from GBP212.1 million.
Downing said the value movement was comprised of a mix of GBP10.2 million from valuation gains which was offset by dividends and share buybacks of GBP17.1 million. It added that management and other costs amounting to GBP5.2 million also contributed.
The trust realised a NAV total return over the period of 3.8%. This compares with 3.5% the prior year.
Shareholder returns were minus 6.8%, improving from minus 16% the year before.
The trust saw its discount to NAV widen over the period to 34% from 24% as its share price moved to 77.0p from 90.0p.
Shares in Downing were up 0.3% to 79.40 pence on Wednesday afternoon in London.
"Share prices across the broad renewable infrastructure investment company sector remain depressed and the company is trading at a discount to NAV," said the firm.
"The board is closely monitoring the company's share price discount and is committed to buying back its own shares when deemed appropriate," it continued.
The trust reported a total dividend for 2024 of 5.695 per share, up 7.8% from 5.285p the previous year.
Looking ahead, Downing noted its "extensive pipeline of investments" and emphasised its commitment to "building a diverse and resilient portfolio to provide the greatest return to its shareholders."
Chair Hugh Little said: "The board is pleased with DORE's performance during a challenging year...Continued revenue generation from hydropower and grid infrastructure assets provided further diversification and stability of revenues, which is testament to the company's commitment to building a resilient portfolio.
"We are confident that DORE is well positioned to navigate ongoing macroeconomic uncertainties, and it will use all the tools available to continue delivering sustainable returns for shareholders."
By Christopher Ward, Alliance News reporter
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