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Gore Street Energy Storage Fund PLC on Monday reported a higher net asset value, but said its annual loss widened on increased costs. The London-based international investment fund said its net asset value at March 31 was 115.6 pence, up 5.9% from 109.1p a year prior. This was driven by a fundraise of £147.3 million in net proceeds in April 2022 and acquisitions of operational and construction projects in the UK, Texas and California totalling 544.7 megawatts, Gore Street explained. NAV total return was 12%, lower than 13% the year before. Pretax loss for the year ended March 31 widened to £63.4 million from £42.5 million in financial 2022, partly attributed to a 52% increase in administrative and other expenses of £9.9 million. Gore Street declared a fourth interim dividend of 1.5p per share. This brought the total dividend to 7.5p per share, up 7.1% from 7.0p a year prior. Looking ahead, the company said it is ‘cautiously optimistic’ going into the new financial year, and expects to ‘strategically expand’ across multiple jurisdictions. Chair Patrick Cox said: ‘We find ourselves at a pivotal juncture for the company’s growing presence across five geographically diverse grids, which I am delighted to say is contributing to the company’s continued growth in the face of declining revenue in the Great Britain market.’ Shares in Gore Street were up 0.8% at 88.78 pence each in London on Monday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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