Highlights for the year to 31 December 2016
· Total shareholder return for the year of 15.7% on a share price basis and 9.3% on a NAV basis
· Profit before tax of £67.9 million (2015: £17.0 million), reflecting an uplift in portfolio valuation1
· Earnings per ordinary share of 8.8 p (2015: 3.0p)
· NAV per ordinary share2 of 100.1p (2015: 99.0p)
· Directors’ portfolio valuation of £818.7 million3 (2015: £712.3 million)
· Achieved total distribution target of 6.25p per share for the year4 (2015: 6.19p) and moved from semi-annual to quarterly dividends
· Portfolio generation capacity increased by 8% to 710MW with a total of 53 investments in the UK, Ireland and France
· Launched second share issuance programme and raised £93 million of new equity capital
· Pipeline of further attractive investment opportunities under consideration across multiple technologies and markets
· Shareholders approved increasing the investment limit for technologies beyond onshore wind and solar PV from 10% to 20%
· Targeting an aggregate dividend of 6.40p per share for the year to 31 December 2017
1 2015 profit before tax was reduced by £20.2 million by the one-off adverse valuation impact of the withdrawal of Levy Exemption Certificate (LEC) income in the 2015 UK Summer Budget.
2 The NAV per share as at 31 December 2016 is calculated on the basis of the 832,998,413 Ordinary Shares in issue as at 31 December 2016 plus a further 787,847 Ordinary Shares to be issued to the Managers in relation to part-payment of Managers’ fees for 2016 in the form of Ordinary Shares. The NAV per share is expressed after the payment relating to the accelerated dividend shift to quarterly dividends as described in Note 4 below.
3 On an expanded basis. Please refer to Section 2.6 of the Strategic Report for an explanation of the expanded basis.
4 The 6.25p per share dividend relates to performance during the 2016 financial year. Total cash dividends paid during 2016 amounted to 7.7975p per share as they included an extra quarter of dividends that resulted from the shift in 2016 from semi-annual to quarterly dividends (i.e. dividends equivalent to one quarter of performance have been accelerated, a one-off timing difference).
Helen Mahy CBE, Chairman of TRIG said
“I’m pleased to report that TRIG’s portfolio has continued to perform well despite the wider challenging market and weather conditions. This resilient performance is underpinned by TRIG’s scale and diversified portfolio of solar and wind projects across UK, Ireland and France.”
Richard Crawford, Director, Infrastructure, InfraRed Capital Partners said
“2016 has been a robust year for the group and we are well placed to take advantage of further opportunities in the renewable energy market. We maintain our disciplined approach and have a strong pipeline with in the region of £100 million of projects at an advanced stage of discussions.”?
For the full announcement and annual report please follow the links: