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Atrato Onsite Energy PLC on Thursday declared a higher dividend despite a decline in net asset value, as it hailed ‘very strong demand’ and net zero targets by companies and governments.
The London-based renewable energy investment trust said net asset value per share as at September 30 declined by 0.9% to 92.0 pence from 92.8p a year prior.
Despite the NAV fall, Atrato Onsite upped its dividend by 66% to 5.0p per share from 3.01p. Further, Atrato Onsite increased its dividend target for financial 2024 ending September 30 to 5.5p.
Looking ahead, the company said that the macro environment remains challenging, but noted that the renewables sector benefited ‘from strong tailwinds’, naming energy security and net zero targets at corporate and government levels.
It said: ‘The company is experiencing very strong demand and has a strong potential pipeline of value-accretive opportunities totalling £410 million. The company now has a best-in-class reputation for delivering flexible solar solutions, evidenced both by the increasing number of new customer enquiries and feedback from its existing customers. As a business, we feel very well positioned to play a key role in supporting the UK’s path to net zero in the years to come.’
Atrato Onsite Energy shares were 2.3% higher at 72.80 pence each on Thursday afternoon in London.
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