Ecofin Global Utilities & Infrastructure Trust PLC on Friday said it expects momentum shown in the first half to continue.
The Chelmsford, England-based trust said net asset value per share rose 6.9% to 196.15 pence at March 31, up from 183.54p six months prior.
Over the same period the trust reported a NAV total return of 9.0%, outperforming the S&P Global Infrastructure Index’s 8.2% return.
Two quarterly dividends totalling 4.00p per share were paid, up 5.3% from 3.80p in the first half of the previous financial year.
Chair David Simpson commented: ‘Performance was encouragingly strong in the North American part of the portfolio. Exposure to select US utilities had already been increased, stock selection was beneficial, and utility valuations finally began to recover.
‘Despite falling European natural gas and power prices for much of the half-year, the portfolio’s diversified pan-European group of shares, spanning utilities, transportation infrastructure and environmental services, also contributed positively to the NAV.’
Looking ahead, the company believes utilities in the portfolio will likely continue to increase earnings, regardless of the economic backdrop, due to large proportions of revenue being fully contracted or regulated.
The adoption of artificial intelligence and data centres will result in an increased demand for power, and the trust argues there are further opportunities amongst companies operating and investing to upgrade environmental services as well as transport infrastructure.
Ecofin GUI shares were down 1.2% to 182.79 pence each in London on Friday afternoon.
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