JLEN Environmental Assets- Group Ltd (LSE:JLEN) said its net asset value (NAV) rose by almost 7% as the trust upped its forecast for electricity prices in the future.
The battery storage specialist has contracts linked to inflation and these plus higher power prices added 18.9p to the trust's NAV of 123.1p as at the end of March 2023.
In the trust's annual financial report, Ed Warner, JLEN’s chair, commented that it had been a “reassuringly resilient performance over the past 12 months, achieving growth in Net Asset Value per share and meeting its dividend target in spite of a backdrop of economic turmoil and regulatory and political challenges."
He added: “We continue to outperform the FTSE All-Share Index and since inception, we have delivered a total share price return of 99.0%, in line with our focus on providing a sustainable financial return to our investors.
"Investment activity in the year has focused on construction and development stage assets in the battery storage, controlled environment and green hydrogen sectors.
"Looking ahead, in line with JLEN's progressive dividend policy, the Board has decided to set a dividend target of 7.57 pence per share for the year to 31 March 2024.
“This represents an increase of 6% on the year just ended and is expected to be well covered by cash flows from the company's underlying assets."
JLEN announced a dividend of 7.1p for the year just ended.