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SDCL Energy Efficiency Income Trust PLC on Thursday announced losses for the first half, as net asset value per share dropped.
SDCL is an investment company focused on assets in the energy efficiency sector, such as electric vehicle charging infrastructure and geothermal and biogas projects.
The company said that net asset value per share for the first half ended September 30 was 106.1 pence, down 2.1% from 108.4p on March 31. NAV was £1.18 billion, up 8% from £1.07 billion in March. In September, the firm issued 118 million new shares via a placing and retail offer, raising £135 million.
‘While the higher interest rate environment in the latter part of the period produced short term headwinds for our valuations, it has also created attractive investment opportunities which will further support the growth of our diversified portfolio,’ said Chief Executive Officer Jonathan Maxwell.
SDCL announced that it had made a pretax loss of £1.5 million in the first half, swinging from a profit of £23 million a year ago.
CEO Jonathan Maxwell said: ‘The overall operational performance of SEEIT’s portfolio during the period is in line with expectations, and the company continues to adapt to changing market conditions to enhance total return to shareholders in the long-term.’
The company announced an interim dividend of 2.9p per share, up 3.2% from 2.81p a year ago. It was covered 1.3 times by cash from investments. SDCL said it is on track to deliver a target aggregate dividend of 6.0p per share at the end of financial 2023, up 6.8% from 5.62p a year prior.
SDCL made £170 million worth of investments, down 18% from £208 million a year ago, as well as an additional £16.0 million since September 30, plummeting by 61% from £41 million between September 30, 2021 and December 10, 2021.
‘During the period, SEEIT continued to diversify its portfolio by technology, geography and counterparty, which is now providing the Company with a good combination of immediate cashflows and potential future capital growth opportunities,’ Chair Tony Roper said.
SDCL Energy Efficiency shares fell 0.6% to 104.55 pence each on Thursday morning in London.
By Harvey Dorset, Alliance News reporter
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