FGEN, a leading listed investment company with a diversified portfolio of environmental infrastructure assets across the UK and mainland Europe, is pleased to announce the Company’s half-year results to 30 September 2024.

Summary of results

Earnings and Net Asset Value (“NAV”):

• NAV per share of 109.8 pence following payment of dividends to shareholders in line with targets; resulting in a flat NAV total return of 0.04% for the period
• On course to deliver annual dividend of 7.80 pence in line with target, representing a yield of 10.1%¹ on the share price at the date of this report

Another consecutive period of record cash receipts from investments:

• Operational assets delivered cash receipts of £46.6 million in the period, beating the previous record for H1 of £46.2 million set last year
• Construction progress on track, with potential for further capital growth

Clear and effective capital allocation strategy:

• £68.1 million raised from asset sales in the period
• Prioritising repayment of revolving credit facility (“RCF”), with gearing reduced to 28.7%
• £20 million share buyback programme announced 15 August 2024, of which £5.2 million returned to shareholders to 30 September 2024

Green hydrogen investment enters administration:

• The value (equivalent to 2.6% in NAV) of the Company’s green hydrogen investment (HH2E AG) has been written down in full after failing to secure funding and entering administration, see Half-year Report 2024 for more information

Ed Warner, Chair of FGEN, said:

“FGEN’s half-year results reflect both progress and challenges. While the full write-down of our investment in HH2E impacted overall performance, outside of this our diversified portfolio of sustainable infrastructure assets performed well, delivering record cash distributions and solid dividend cover. During the period, we were pleased to achieve the sale of a majority stake in six anaerobic digestion facilities, to launch our first share buyback programme, and to receive shareholder endorsement of a name change to Foresight Environmental Infrastructure Limited. Additionally, early reductions in UK interest rates provide cautious optimism for a more favourable macroeconomic outlook.

“We remain committed to disciplined capital allocation in the near term, progressing our construction stage assets and delivering other value enhancements across the portfolio. Longer term we are well positioned to take advantage of the significant investment opportunity presented by the commitment to decarbonisation and sustainable development when the wider environment supports it.”