19th Sep 2018 12:12
LONDON (Alliance News) - Greencoat Renewables PLC on Wednesday reported a slight increase in net asset value per share in the first half as it increased its interim payout.
The renewable infrastructure fund increased its NAV per share 0.2% to 96.8 euro cents at the end of the period from 96.6 cents at the end of 2017.
In the six months ended June, the fund's total net asset value increased 0.2%, to EUR261.4 million from EUR260.8 million at the end of the previous half.
Greencoat Renewables net assets also increased 0.2%, to EUR262.7 million from EUR262.1 million.
The fund's total income and gains increased 27% to EUR17.2 million from EUR13.5 million.
Greencoat Renewables' portfolio of special purpose vehicles, which operate wind farms in Ireland, generated 195.3 gigawatt hours in the first half - 9% below budget due to "persistently low wind speeds" in May and June.
The company declared an increased interim dividend of 3.0 cents per share from 2.61 cents the year before. It is targeting a full year dividend of 6.0 cents per share.
The investor believes its outlook is "very positive" with "encouraging operational and financial performance" with a "healthy" pipeline of "attractive" further investment opportunities.
Shares in Greencoat Renewables were down 0.2% Wednesday at EUR1.05 each.
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