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(Sharecast News) - Renewable infrastructure fund Greencoat UK Wind hiked its dividend above expectations in 2023 and said it was confident of being able to do it again in FY24.
Greencoat declared a dividend payout of 10.0p per share for 2023, ahead of targets for an 8.76p return to shareholders.
The FTSE 250-listed group also highlighted that compared to last year, its current target of 10.0p for FY24 was also well above the current rate of retail price inflation.
"Our investment objective has remained unchanged over the last 11 years since listing: to provide shareholders with an annual dividend that increases in line with RPI inflation while preserving the capital value of the investment portfolio in real terms," Greencoat said on Thursday.
Total shareholder return for the year was 5.4%, while net asset value decreased by 3.0p per share to 164.1p, including a marked increase in the portfolio discount rate. Cash generated during the year came to £405.0m, with divided cover above 2.1x.
As of 1000 GMT, Greencoat shares were up 0.14% at 134.69p.
Reporting by Iain Gilbert at Sharecast.com
