17th Jun 2016 06:54
LONDON (Alliance News) - John Laing Environmental Assets Group Ltd on Friday said its net asset value per share declined in the financial year to the end of March, but it is confident on the outlook for the current year.
The renewable energy assets investor said its net asset value per share at the end of March was 96.7 pence, down from 101.2p a year earlier, due to a reduction in forecast electricity prices. The group paid 6.05p in total dividends for the financial year, in line with the target set out at the start of the year.
John Laing Environmental Assets Group's total portfolio was valued at GBP264.5 million at the end of March, up from GBP197.7 million a year prior, as it made five acquisitions over the course of the year. The acquisitions increased the number of assets in its portfolio to 15 and the capacity of its renewable energy assets to 129 megawatts.
"The company has achieved its objectives in its second year since IPO, delivering dividends in line with expectations and further developing its portfolio through acquisitions. Performance has been resilient despite challenging market conditions, further demonstrating the benefits of JLEN's diversified portfolio of environmental infrastructure projects," said Chairman Richard Morse.
"The acquisition pipeline is healthy and we look forward to the present year with some confidence," Morse added.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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