(Alliance News) - JLEN Environmental Assets Group Ltd on Wednesday said asset value was impacted by energy price volatility during the year.

JLEN is a Guernsey-based environmental infrastructure investment fund with assets supporting the drive towards decarbonisation, resource efficiency, and environmental sustainability.

In the year ended March 31, net asset value fell 7.8% to GBP751.2 million from GBP814.6 million the previous year.

This resulted in a NAV per share of 113.60 pence, down from 123.10p.

JLEN increased the final quarterly dividend, however, by 5.6% to 1.89p per share from 1.79p.

This brings the total dividend to 7.57p per share, in line with its target, representing a 6.0% increase from 7.14p paid last year.

"The portfolio continues to benefit from a high degree of protection from short term price hedges as well as revenues from subsidies and long-term contracts that are not derived from power prices.

"As a result the portfolio has been resilient despite a significant reduction in near term electricity and gas price expectations," JLEN said.

Furthermore, while revenue projections for the funds lone operational battery asset fell in recent months, JLEN said revenue started to increase in April, and it expects this trend to continue throughout the current year and into the next.

Looking ahead, the fund announced an increased target dividend for the current financial year of 7.80p per share, which will be paid across quarterly dividends.

JLEN shares were up 1.9% to 86.57 pence each in London on Wednesday afternoon.

By Elijah Dale, Alliance News reporter

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