FGEN, a leading listed investment company with a diversified portfolio of environmental infrastructure assets across the UK and mainland Europe, announces that its unaudited Net Asset Value (“NAV”) at 31 December 2024 was £695.4 million (107.4 pence per share). After paying the quarterly dividend of 1.95 pence per share, the Company delivered a NAV Total Return of -0.34% for the quarter.

Highlights in the period

• Disposal of solar rooftop asset at a premium to NAV and a 1.3x multiple on invested capital (“MOIC”)
• Total sales proceeds for the financial year now stand at £88.6 million – representing 9.9% of the portfolio value at the start of the financial year
• £12.3 million of £20 million share buyback programme returned to shareholders by 31 December 2024
• Another solid quarter of cash generation, with dividend cover for the year expected to remain in line with guidance issued in the 30 September 2024 report of >1.20x
• Surplus cash received from investments and asset disposals used to maintain one of the lowest levels of gearing in the sector

News in full

We interviewed the investment team behind the trust, who outlined the financial and operational highlights from the period, but also reaffirmed their confidence in FGEN’s investment strategy.