04 December 2024
SDCL Energy Efficiency
Income Trust plc
("SEEIT" or the
"Company")
Announcement of Interim
Results for the six-month period ended 30 September
2024
SDCL Energy Efficiency Income Trust
plc (LSE: SEIT) ("SEEIT" or the "Company") today announces its
financial results for the six-month period ended 30 September
2024.
There will be a virtual presentation
for analysts and investors at 9.30am today. To register, please
follow this link:https://sparklive.lseg.com/SDCLEnergyEfficiencyIncomeTrust/events/2e14cb51-1022-43bc-b494-b391cea53c9f/seeit-2024-interim-results-presentation.
The Company's full Interim Report
and Financial Statements for the six-month period ended 30
September 2024 can be found on the Company's website:
https://www.seeitplc.com/publications/interim-reportto-30-sep-2024/.
This has also been submitted to the
National Storage Mechanism and will be available shortly
at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Highlights
· Net Asset Value ("NAV") per
share of 90.6p as at 30
September 2024 (31 March 2024: 90.5p; 30 September 2023:
90.6p)
· Weighted Average Discount
Rate of 9.4% levered, in line with
March 2024 and September 2023.
·
Investment cash inflow from
the portfolio of £48 million on
a portfolio basis (September 2023: £47 million)
· Aggregate
dividends of 3.16p per share
declared for the six months ended 30 September 2024, in line with
guidance (September 2023: 3.12p)
· Dividend cash
cover of 1.1x for the six
months ended 30 September 2024 (September 2023:
1.1x)
· Target
dividend guidance remains 6.32p
per share for the year to March 2025, an increase of
c.1%
· Profit before
tax of £35 million for the six
months ended 30 September 2024, up from a loss of £89 million in
the equivalent period last year
· Portfolio
valuation of £1,102 million as
at 30 September 2024, (£1,117 million at 31 March 2024)
· Investment
of c.£98 million into organic investments and
existing commitments during the period (30 September 2023:
£93m)
Tony Roper, Chair of SEEIT, said:
"We are pleased that both SEEIT's
operational and financial performance for the period were in line,
or a little above budget and generated cash flows that fully
underpinned the Company's progressive
dividend policy.
"We are strongly of the view that
SEEIT's share price does not reflect the value of its investments
nor the cashflows derived from them. To this end, the Board and
Manager remain focused on addressing the share price discount by
supporting the marketability and liquidity of the Company's
shares."
Jonathan Maxwell, CEO of SDCL, the Investment Manager
said:
"Our large and diverse portfolio
delivered stable overall operational performance and cash inflows
that covered our dividends. Our prudent approach to investment,
portfolio construction and management of the balance sheet seeks to
adapt to market conditions. As such, we are implementing our agreed
capital allocation policy and seeking to reduce the Company's
short-term borrowings.
"The investment trust market however
remains depressed, causing a dislocation in price compared to net
asset value for the Company and its wider peer group. We are
working hard to address this for existing shareholders, while
bringing this extraordinary opportunity to the attention of new
prospective investors.
"SEEIT's projects deliver energy
that is cheaper, cleaner and more reliable, giving them an enduring
competitive advantage and value during and after their contracted
lives."
For Further Information
|
Sustainable Development Capital LLP
Jonathan Maxwell
Purvi Sapre
Eugene Kinghorn
Ben Griffiths
Tamsin Jordan
|
T: +44 (0) 20 7287 7700
|
|
Jefferies International Limited
Tom Yeadon
Gaudi Le Roux
|
T: +44 (0) 20 7029 8000
|
|
Cardew Group
Ed Orlebar
Henry Crane
|
T: +44 (0) 20 7930 0777
M: +44 (0) 7738 724 630
E: SEEIT@cardewgroup.com
|
LEI: 213800ZPSC7XUVD3NL94
About SEEIT
SDCL Energy Efficiency Income Trust
plc is a constituent of the FTSE 250 index. It was the first UK
listed company of its kind to invest exclusively in the energy
efficiency sector. Its projects are primarily located in North
America, the UK and Europe and include, inter alia, a portfolio of
cogeneration assets in Spain, a portfolio of commercial and
industrial solar and storage projects in the United States, a
regulated gas distribution network in Sweden, a portfolio of
on-site energy recycling, cogeneration and process efficiency
projects, servicing the largest steel blast furnace in the United
States, EVN a leading UK independent EV
charging infrastructure development company and a
district energy system providing essential and efficient utility
services on one of the largest business parks in the United
States.
The Company aims to deliver
shareholders value through its investment in a diversified
portfolio of energy efficiency projects which are driven by the
opportunity to deliver lower cost, cleaner and more reliable energy
solutions to end users of energy.
The Company is targeting an
attractive total return for shareholders with a stable dividend
income, capital preservation and the opportunity for capital
growth. The Company is targeting a dividend of 6.32p per share in
respect of the financial year to 31 March 2025.
Past performance cannot be relied on
as a guide to future performance.
Further information can be found on
the Company's website at www.seeitplc.com.
Investment Manager
SEEIT's investment manager is
Sustainable Development Capital LLP ("SDCL"), an investment firm
established in 2007, with a proven track record of investment in
energy efficiency and decentralised generation projects in the UK,
Continental Europe, North America and Asia.
SDCL is headquartered in London and
also operates worldwide from offices in New York, Dublin, Madrid,
Hong Kong and Singapore. SDCL is authorised and regulated in the UK
by the Financial Conduct Authority.
Further information can be found on
at www.sdclgroup.com.