Aquila Energy Efficiency Trust PLC on Monday said it would be paying shareholders a dividend, after swinging to an annual profit.

Aquila Energy is a London-based closed-ended investment companies focusing on small-to-medium-sized energy efficiency projects. Its shares closed flat at 74.00 pence each in London on Friday.

Aquila Energy swung to a pretax profit of £137,000 from a loss of £619,000 for the period from April 9 to December 31, 2021.

Its net asset value per share at December 31 was 95.23 pence, down 2.2% from 97.38p a year earlier. Net assets came in at £95.2 million, down 2.3% from £97.4 million.

Aquila Energy Efficiency declared a dividend of 3.5 pence, compared to no dividend a year ago.

Looking ahead, the company said it was targeting a dividend of 5.0p per share for 2023.

‘However, following the failure of the continuation vote, the board has reviewed the dividend policy of the company and future dividends will only be paid from net income, and after reviewing cash flow forecasts, and only in respect of six month periods not quarterly periods. Therefore, the next dividend declaration will be in respect of the six month period ended June 30 2023,’ Aquila explained.

The company plans on holding its annual general meeting on June 14.

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