Atrato Onsite Energy PLC on Tuesday confirmed that its net asset value increased over its latest half year, and reaffirmed its total dividend target as it moves on from its initial public offering almost two years ago.

The London-based renewable energy investment trust said its NAV at March 31 was 93.8 pence per share, up from 92.8p per share at September 30, 2022. NAV total return was 0.9% from its IPO to March 31, compared with negative 2.3% between the IPO and September 30.

Shares in Atrato were up 1.0% at 84.00p each in London on Tuesday.

Atrato said pre-tax profit for the six months ended March 31 was £5.3 million, swinging from a £890,000 loss between its incorporation on September 16, 2021 and March 31, 2022.

The company said it remains on track to declare a total dividend of 5.0p per share for its second financial year, unchanged from the prior year. It already declared interim dividends of 2.52p and 1.23p per share.

Atrato also said it now has fully committed its IPO proceeds, which have been deployed into operational assets, committed to installation assets or allocated to its executed framework agreements.

Atrato currently has a pipeline of over £340 million in potential opportunities, which it expects to grow further throughout 2023.

Chair Juliet Davenport said: ‘The global net zero ambition coupled with the drive for better domestic energy security, provide strong tailwinds for the UK renewables sector. Atrato Onsite Energy remains ideally positioned to help facilitate the UK’s shift to renewables and we look forward to the continued growth of the company through 2023 and beyond.’

Copyright 2023 Alliance News Ltd. All Rights Reserved.