27th May 2025 21:59
(Alliance News) - Ecofin Global Utilities & Infrastructure Trust PLC on Tuesday expressed confidence in the future, noting that "listed infrastructure remains relatively undervalued by historical standards", as it posted in increase in its interim net asset value.
The Chelmsford, England-based investment trust targets a high, secure dividend yield on a portfolio focused on equities of utility and infrastructure companies in developed countries.
Ecofin Global Utilities realised net asset value per share and share price total returns of 0.1% and 0.9% respectively in the six months to March 31.
The trust does not have a benchmark index, but notes that the S&P Global Infrastructure Index and MSCI World Utilities Index are deemed the "most appropriate" for performance comparison purposes.
These indices returned 5.7% and 2.4% respectively over the same period.
NAV per share increased 11% to 217.39p from 196.15p, while its share price rose 17% to 192.50p from 165.00p. The trust's discount to NAV narrowed to 11.5% from 15.9%, with it noting that it continued to buyback shares throughout the period when the share price was at a "significant" discount.
Its shares closed down 0.5% at 209.00p on Tuesday in London.
Ecofin Global Utilities paid two quarterly dividends totalling 4.18p, up 4.4% from 4.00p.
Chair David Simpson said: "At the portfolio level, company fundamentals remained strong with growth opportunities for our listed infrastructure businesses often leading to upgraded investment plans and forward guidance."
"As noted in the Investment Manager's Report, listed infrastructure remains relatively undervalued by historical standards and the relevance of the asset class continues to grow. The need for modern, durable infrastructure and the transition to diversified sources of energy necessitates significant investment in grids while the transport, water and waste management sectors are also under-invested...Your board views the prospects for the broad sector and your company with great confidence.
By Christopher Ward, Alliance News reporter
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