SDCL Efficiency won't declare divi after fall in annual net asset value

(Sharecast News) - SDCL Efficiency Income Trust reported a fall in annual net asset value on Thursday, and confirmed it would not declare a fourth interim dividend as it prioritises debt reduction ahead of a proposed managed wind-down. The FTSE 250 energy efficiency infrastructure investor said NAV per share fell to 77.8p at 31 March from 90.6p a year earlier, while total NAV declined to £844.5m from £983.6m.

The portfolio valuation fell to £1.08bn from £1.20bn, and the company reported a £87m loss before tax, including £119m of unrealised valuation losses, compared with a £70m profit last year.

SEIT paid £51.7m of dividends in respect of the year, equivalent to 4.8p per share and covered 1.0 times by cash, but said no fourth interim dividend would be declared.

Chair Tony Roper said the board was focused on "delivering the managed wind-down in a disciplined and orderly manner, reducing debt and returning capital to shareholders as quickly as practicable".

At 0906 BST, shares in SDCL Efficiency Income Trust were up 1.3% at 33.94p.

Reporting by Josh White for Sharecast.com.

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