HydrogenOne Capital Growth PLC on Tuesday said net asset value per share was up, and NAV total return swung from a loss as the company targets double-digit NAV total return.

The London-based hydrogen technology investment fund reported NAV per share at December 31 was 97.31 pence, up 1.6% from 95.75p a year ago. The company said the increase was driven by uplifts in the valuation of the company’s investments, adding 6.75 pence per share to the NAV.

HydrogenOne said NAV total return was 1.6%, swinging from a NAV total loss of 2.3% in 2021. Looking ahead, the company said it aims to deliver between 10% and 15% NAV total return over the medium to long-term.

The company did not declare a dividend, unchanged from a year ago.

The firm noted that its pipeline of more than £500 million of potential investments will enable it to reach its NAV total return growth target.

The company reported an investments gain of £3.2 million, swinging from a loss of £1.6 million the year prior, while pretax profit was £1.6 million, swinging from a loss of £2.4 million.

Chair Simon Hogan said: ‘It has been a very busy period for the company as we continued with our focus on delivering a diversified portfolio of clean hydrogen investments, which as a result has grown significantly.’

Looking ahead, the company said it anticipates that continued support for its portfolio, as well as revenue growth and the delivery of key milestones, will see the firm’s share price increase.

HydrogenOne shares rose 6.1% to 50.93 pence each in London on Tuesday morning.

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