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Foresight Sustainable celebrates NAV boost and new acquisitions

11th May 2023 14:19

(Alliance News) - Foresight Sustainable Forestry Co PLC on Thursday said its net asset value per share had increased since September, driven in part by valuation gains on newly acquired properties.

Shares in Foresight Sustainable, a London-based forestry investment trust managed by Foresight Group LLP, were up 0.8% at 107.39 pence on Thursday afternoon in London.

Foresight Sustainable said its NAV per ordinary share at March 31 rose by 3.3% to 108.5 pence per share from 105.0p per share at September 30. Total NAV at March 31 was GBP186.0 million, up from GBP180.6 million on September 30.

Foresight Sustainable said it has delivered a total NAV per share return of 10.6% since its initial public offering in November 2021.

The company attributed the boost in part to mark-to-market valuation gains on recently acquired properties. It made 15 new acquisitions between September 30 and March 31, bringing its total portfolio at March 31 to 65 properties.

Foresight Sustainable said it had completed planting of approximately 955,000 trees at its Redding Farm, Auchensoul, Frongoch and Upper Bar properties, which are expected to produce an estimated 190,500 tonnes of timber for each 35 to 40 year rotation. The company sold 6,384 tonnes of timber in the period to March 31.

Foresight Sustainable said the majority of its timber harvesting programme remained on hold while it focuses on biological growth of its timber stock.

Chair Richard Davidson commented: "We are pleased to announce yet another NAV uplift as the company starts to build momentum in its sustainable investment mission. Successful afforestation development remains the engine room of FSF's returns...We believe that with the increasing demand for voluntary carbon credits and 31 further afforestation schemes in development, there is tremendous potential for the company, leaving it well-positioned to deliver further returns for our shareholders."

By Emma Curzon, Alliance News reporter

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