31st Jan 2014 18:07
LONDON (Alliance News) - Ecofin Water & Power Opportunities PLC said it increased its net asset value in the year ended September 30 2013.
The investment trust said it increased its net asset value per share by 6.7% during the year, against a background of strong, although volatile, world equity markets and a continuing relative underperformance of the global utilities sector.
It said revenue return for the year was GBP16.0 million or 7.64 pence per share.
As a result, the company's revenue reserves grew by 13% and were GBP20.9 million at year-end.
In the financial year to September 30 2013, the company paid dividends totalling 6.50 pence per share on earnings after tax of 7.64 pence per share.
"Political risk and regulation remain issues in Europe but valuations are cheap and sentiment toward the utility sector is improving. In North America, valuations are higher but are supported by yield and good opportunities exist for the company to invest in energy infrastructure, such as gas pipelines, on attractive terms," said the company in its full-year report.
"Lonestar, the company's largest investment, continues to meet its operational goals. These developments should enable the Investment Manager to produce a satisfactory return for Shareholders over the course of this financial year," the company added.
In a separate statement, the trust declared a first interim dividend for the year to September 30 2014 in an amount of 1.6875 pence per share.
Shares in the trust closed Friday 0.9% lower at 124.58 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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