JLEN Environmental Assets says buyback could follow expected sales
JLEN Environmental Assets Group Ltd on Friday reported a decline in net asset value in a ‘challenging year for the listed renewable investment company sector’.
The environmental infrastructure fund’s NAV per share at its March 31 year-end shrunk 7.7% to 113.6 pence from 123.1p 12 months prior.
In the year ending March, JLEN reported a pretax loss of £13.9 million compared to a pretax profit of £98.3 million.
Chair Ed Warner said: ‘This year’s performance is another demonstration of our resilience, despite it being a challenging year for the listed renewable investment company sector, including JLEN. In the current difficult operating environment, we have maintained our disciplined approach to investment activity during the year. Future cash flows remain robust, with comfort provided from near-term fixes, such that the board has set a dividend target of 7.80 pence per share for the current year, an increase of 3%.’
The firm lifted its total dividend for the year just ended by 6.0% to 7.57p per share from 7.14p.
JLEN reported continued progress on the development and construction assets and on several credible selective asset disposal opportunities.
Sales proceeds will provide flexibility to pay down debt and consider share buybacks where accretive to NAV, the company said.
Warner said JLEN hopes to complete the first transaction in the coming months.
Shares in JLEN rose 0.7% to 87.30 pence in London on Friday morning.
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