JLEN Environmental Assets (LSE:JLEN) has announced a higher dividend at the half-year stage, after recording a marginal increase in portfolio value and solid distributions from investments.
For the six months to September, the environmental infrastructure fund penned a £0.5 million increase in portfolio value to £898.9 million.
“Our valuation during the period has been resilient in the face of macro-economic headwinds and cash generation from our underlying assets has been healthy,” chair Ed Warner commented.
Cash on hand and equivalents grew by 19% to £401 million, JLEN continued, while £7 million was reinvested in the firm’s portfolio of renewable energy generation and wastewater treatment.
FTSE 250-listed JLEN upped its dividend from 3.57p to 3.78p per share meanwhile, adding that the half year had marked its second consecutive period of record distributions received from investments.
This saw JLEN net £29.5 million from investing activities, of which £13.8 million came from dividends.
“The outlook for sustainable infrastructure investment remains positive as the UK and European economies decarbonise to meet net zero emissions targets and find ways to live more sustainably,” Warner added.
“We will be suitably cautious in our approach given the prevailing uncertainties, but considering this is a long-term asset class, we view the future with confidence.”
Looking ahead, JLEN said it is on course to meet targets of a 7.57p dividend for the full year.