22nd Nov 2019 13:20
(Alliance News) - JLEN Environmental Assets Group Ltd said Thursday its net asset value per share rose in the first half of its financial year, through continued growth in its portfolio.
The environmental infrastructure project investor said its net asset value as at September 30 rose to 104.7 pence per share, up 4.2% from 100.4p the same date the year before, but remained flat compared to March 31.
JLEN's portfolio value at the end of September rose by 11% to GBP543.6 million from GBP488.9 million the prior year, and up 3.2% from GBP523.6 million at the end of March, largely as a result of continued growth from its assets, and GBP21.9 million worth of new acquisitions and investments.
During the period, the company acquired one anaerobic digestion asset and a hydro/battery storage project. Within JLEN's portfolio, 42% are wind assets, 24% in anaerobic digestion, 23% solar, 10% waste and wastewater and 1% in hydropower by value.
Total power generation for the period was 375 gigawatt hours in energy , 0.1% above budget, as as a strong performance from JLEN's anaerobic digestion asset offset below-budget generation from the wind portfolio.
JLEN declared a quarterly dividend of 1.665 pence per share, bringing the total payout for the six month period to 3.33p. This is also in line with the group's dividend target of 6.66p per share for the year ending March 2020.
"The outlook for the company is positive and it is pleasing to note that the company's strategy of diversification has contributed to a solid performance for the first six months of the year. Despite complications in some parts of the portfolio, overall performance has been in line with expectations as other parts of the portfolio have compensated," said Chair Richard Morse.
"Similarly, while power prices have continued to decrease over the period from the highs seen in 2018, the company's strategy of targeting assets with relatively high levels of subsidy revenues looks astute," Morse added.
Shares in JLEN Environmental - which is based in Guernsey - were down 0.4% at 118.49 pence on Friday in London.
By Dayo Laniyan; [email protected]
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