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JLEN Environmental Assets Group Ltd on Thursday said that its net asset value per share rose in its recent financial year on a higher portfolio valuation, despite the economic turmoil. The Guernsey, Channel Islands-based environmental infrastructure investment fund said that, in its financial year ended March 31, NAV per share rose to 123.1 pence, rising 6.8% from 115.3p a year prior. The company said this was due to an upward revision of electricity and gas price forecasts combined with the continued effected of elevated inflation connected with the company’s inflation-linked contracts. JLEN portfolio valuation stood at £898.5 million on March 31, up 13% from £795.4 million a year before. This followed five completed acquisitions in the year, with the portfolio comprising 42 assets across seven technology sectors. ‘Portfolio delivered returns in line with operational and financial performance targets, with distributions at or above budget,’ JLEN said. Pretax profit dropped to £98.3 million from £185.0 million. This was due to a drop in operating income and gains on fair value of investments to £108.4 million from £192.9 million. Chair Ed Warner said: ‘I am very pleased to report that JLEN has delivered a reassuringly resilient performance over the past 12 months, achieving growth in net asset value per share and meetings its dividend target in spite of a backdrop of economic turmoil and regulatory and political challenges.’ JLEN declared a total dividend of 7.14 pence per ordinary share for financial 2023, up 5.0% from 6.80p the previous year. JLEN is targeting a dividend of 7.57p for financial 2024, up 6.0% from financial 2023. Chair Warner said: ‘The case for investment in sustainable infrastructure has never been stronger as we focus on delivering on decarbonisation targets and energy security.’ Shares in JLEN Environmental Assets were up 0.5% at 116.26 in London on Thursday. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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