26th Nov 2020 10:47
(Alliance News) - JLEN Environmental Assets Group Ltd on Thursday said it is on track to meet its full-year dividend target, saying that the renewables market remains favourable "despite the wider challenges brought on by the global pandemic".
The investment company focused on environmental infrastructure projects said net asset value per share at September 30 was at 96.1 pence, down 1.4% from 97.5p at March 31.
At September 30, portfolio valuation was up 2.9% to GBP552.9 million from GBP537.1 million at March 31.
"JLEN's portfolio has operated well for the period under review and the market outlook for the company is positive. This is despite the wider challenges brought on by the global pandemic. The infrastructure and renewables markets remain favourable in both context of global and UK government policy and financial support for decarbonisation initiatives. Our acquisition pipeline presents further scope for diversification, following this decarbonisation agenda," Chair Richard Morse said.
Declares an interim dividend of 1.69 pence per share, bringing the full half's payout to 3.38p, up 1.5% from the prior year's 3.33p. The company said it is on track to meet its full-year dividend target of 6.66p per share.
Going forward, JLEN said: "The market outlook for the company is positive. This is despite wider challenges brought on by the global pandemic. The infrastructure and renewables markets remain favourable in both the context of global and UK government policy and financial support for decarbonisation initiatives. This is echoed by strong activism at a grassroots level and by funds under management targeting this sector."
JLEN shares were down 0.9% at 114.93 pence each in London on Thursday morning.
By Greg Roxburgh; [email protected]
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