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Gore Street Energy Storage Fund PLC on Thursday said net asset value increased by almost 6% during its latest financial year, and it declared an increased total dividend. The London-based investment fund said NAV at March 31 was 115.6 pence per share, up 5.9% from 109.1p at the same time in 2022. It was up 1.8% from 113.5p at December 31, reflecting a strong fourth quarter for the 2023 financial year. Gore Street Energy Storage said NAV total return was 12.3% during the year ended March 31, slightly down from 13% the previous year. The final quarter of financial 2023 provided a 3.6% return, ‘despite challenging market conditions in [Britain].’ Gore Street Energy Storage said key drivers of NAV during financial 2023 included six capacity market contracts awarded to its British and Irish assets in February, and acquisitions with output totalling 544.6 megawatts. The weighted discount average rate across its portfolio increased to 10.1% from 8.3% the prior year, which the firm said was ‘in response to the current macroeconomic environment’. Gore Street Energy Storage declared a fourth interim dividend of 1.5p per share. This brings the total financial 2023 dividend to 7.5p per share, up from 7p per share the year before. Chief Executive Officer Alex O’Cinneide said that over the next year Gore Street Energy Storage will focus on bringing projects to operation at low costs, generating the highest revenue across all markets, and ‘materially’ increasing its Ebitda margin and increasing existing projects’ capacity. ‘I am pleased to report the continued growth of the company, driven by our successful diversification strategy. Our commitment to expanding the portfolio across international markets has proven out, resulting in strong financial performance and further positioning us as the global leader in the energy storage sector,’ O’Cinneide commented. The stock was down 0.4% at 95.60 pence on Thursday morning in London. It is down 22% over the past 12 months. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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