23rd Nov 2016 09:30
LONDON (Alliance News) - John Laing Environmental Assets Group Ltd on Wednesday reported growth in its net asset value per share in the half-year to the end of September and said trading in its portfolio was broadly in line with its expectations.
The renewable energy assets investor said its net asset value per share at the end of September was 98.30 pence, up from 96.70p at the end of March due to an increase in forecast electricity prices benefiting the value of its investments.
Its portfolio was valued at GBP320.7 million at the end of September, up from GBP264.5 million at the end of March.
The group said the operational and financial performance of its portfolio was broadly in line with budget in the half, allowing for technical issues suffered at the Branden and Monksham solar power parks.
The fund made three acquisitions for a total of GBP52.0 million in the half, bringing its total number of investments up to 18 and the capacity of its renewable assets to 173.4 megawatts.
John Laing Environmental Assets said it declared dividends of 3.07 pence in the first half, in line with its target to increase total payouts for the year to March 2017 to 6.14p from 6.054p a year before.
"The board is encouraged by the progress JLEN has continued to make during the first half of the year. The operational and financial performance has been generally encouraging, underlining the strength of our diversified portfolio," said Chairman Richard Morse.
John Laing Environmental Assets shares were up 0.5% to 105.49 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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