JLEN Environmental Assets plans 5% dividend hike as assets rise 25%

(Alliance News) JLEN Environmental Assets Group Ltd on Thursday said its net asset value rose by 25% in its recent financial year, and it expects to lift its dividend by 5% in the year ahead.

The FTSE 250-listed environmental infrastructure investment fund said that in the financial year that ended March 31, portfolio valuation stood at GBP795.4 million, up 39% from GBP571.4 million a year before. JLEN completed three acquisitions this year, creating a portfolio consisting of 37 assets.

NAV per share rose by 25% to 115.3 pence per share as at March 31 from 92.2p a year ago. This is primarily due to an upward revision to electricity and gas price forecasts, the company explained.

JLEN delivered a share price total return of 7.4%.

Pretax profit multiplied to GBP185.0 million from GBP8.1 million.

Chair Richard Morse said: "JLEN has had an outstanding year, with NAV appreciation per share of 25%, GBP118 million raised through two oversubscribed equity issues, investments into new sectors."

JLEN declared a total dividend of 6.80 pence per share for financial 2022 in line with the target set out in the 2021 annual report, up 0.6% to 6.76p a year ago. However, it said its target dividend for the next financial year is 7.14p per share, representing a much-larger 5.0% increase.

JLEN launched in March 2014 with a portfolio of eight seed assets, raising GBP160 million in its initial public offering.

Looking ahead, JLEN said it is well-placed to capture investment opportunities.

JLEN shares were down 0.2% at 121.20 pence each on Thursday morning in London.

By Xindi Wei; xindiwei@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.