13th Jun 2023 10:09
(Alliance News) - Foresight Sustainable Forestry Co PLC on Tuesday reported net asset value growth as its amount of properties in the portfolio jumped.
The London-based forestry investment trust managed by Foresight Group LLP reported a net asset value per share of 108.5p pence as at March 31, up 3.3% from 105.0p at September 30 and 4.1% higher than 104.2p a year prior.
It said total NAV return from its initial public offering was 10.6%, up from 7.0% as at September 30 and higher than 4.2% a year ago.
Meanwhile, the company has a total area of 11,743 hectares in its portfolio as at March 31, up 22% from 9,618 hectares at the end of September and up 39% from 8,473 hectares a year ago.
Its number of properties as at March 31 surged 71% annually to 65 from 38.
The company declared no dividend, unchanged from a year ago.
Looking ahead, Chair Richard Davidson said that the market for forestry assets and its strategy "will remain resilient," despite interest rate hikes and falling equity and real estate prices in 2022. He added that the long-term demand outlook for sustainable timber in UK and Europe is positive.
Chair Davidson said: "As we embark on the next six months, the company is well positioned to leverage a range of environmental tailwinds whilst it continues to deliver on its business objectives".
Foresight Sustainable shares were 0.9% higher at 104.40 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.