JLEN Environmental Assets has announced a higher dividend in its half-year results, following a slight increase in portfolio value and solid investments distributions.

In the six months to the end of September, the environmental infrastructure group recorded a £500,000 increase in portfolio value, taking the overall value to £898.9m.

Cash on hand and equivalents also grew by 19% to £401m, with £7m reinvested in the firm’s portfolio of renewable energy generation and wastewater treatment.

The FTSE-250 listed firm upped its dividend from 3.57p to 3.78p per share, adding that the half year marked its second consecutive period of record distributions received from investments.

The group gained £29.5m from investing activities, of which £13.8m cam from dividends.

Chair at JLEN, Ed Warner, said: "As JLEN approaches its tenth anniversary, the board is encouraged by the prospects for the portfolio and proud of its track record of delivering consistent dividend and NAV growth over its life. Our valuation during the period has been resilient in the face of macro-economic headwinds and cash generation from our underlying assets has been healthy.

"The board and the investment manager believe that the discount to NAV at which JLEN's shares are currently trading materially undervalues the company, and so represents an attractive investment opportunity. The outlook for sustainable infrastructure investment remains positive as the UK and European economies decarbonise to meet net zero emissions targets and find ways to live more sustainably. We will be suitably cautious in our approach given the prevailing uncertainties, but considering this is a long-term asset class, we view the future with confidence."

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