JLEN: Year End Results

21st June 2024 | JLEN Environmental Assets (FTSE 250)

JLEN Environmental Assets Group Limited (“JLEN” or the “Company”), the listed environmental infrastructure fund, is pleased to announce the Company’s results for the year ended 31 March 2024.

Highlights

Resilient earnings and Net Asset Value (“NAV”):

  • NAV per share of 113.6 pence following payment of dividends to shareholders in line with targets
  • Strong annualised NAV total return of 8.0% since IPO
  • On course to deliver dividend of 7.57 pence in line with annual target, representing a yield of 8.1% on the closing share price at 31 March 2024

Ed Warner, Chair of JLEN, said:

“As we celebrate JLEN’s 10th anniversary as a listed company, this year’s performance is another demonstration of our resilience, despite it being a challenging year for the listed renewable investment company sector, including JLEN. We have delivered consecutive years of record distributions received from investments, resulting in a dividend cover of 1.30 times – the second highest since IPO.

“In the current difficult operating environment, we have maintained our disciplined approach to investment activity during the year. Future cash flows remain robust, with comfort provided from near-term fixes, such that the Board has set a dividend target of 7.80 pence per share for the current year, an increase of 3%. We have also taken steps to strengthen our balance sheet, completing a successful refinancing of our RCF post period end.

“We are progressing several asset sales processes. We hope to complete the first transaction in the coming months.

“The Board has agreed a new fee structure with our Investment Manager which we believe will deliver excellent value for shareholders. We are proud of JLEN’s performance over the past 10 years, including the Company’s record of delivering consecutive dividend growth since its launch in 2014, and believes strongly in the Company’s purpose and prospects.”

Below is a short interview with Foresight, the investment managers for JLEN

Meet JLEN management