(Alliance News) - Premier Miton Global Renewables Trust PLC on Thursday said that the difficult market conditions endured in 2022 continued into last year.

The Leeds, England-based investment company focused on the renewable energy sector said net asset value per share cum income fell 18% to 146.86 pence as at December 31 from 178.44p a year prior.

NAV total return was negative 13.5%, worse than negative 12.1% a year prior.

Chair Gillian Nott said: "2023 has seen a continuation of the difficult markets experienced in 2022, with the company’s portfolio recording another fall in underlying share prices despite good business performance. In this sense, markets have again focussed on the global economic backdrop while seeming to give little weight to fundamental results at the company level."

More positively, looking ahead she said: "The global political will to increase renewable energy volumes, has been reaffirmed. Planning laws have been adjusted to encourage faster development, tax incentives have been granted, and we expect various government sponsored renewable energy tariff auctions in 2024 to be struck at prices which account for the changed economics of new-build projects. We expect growth and financial returns within the renewables sector to continue to be healthy, and we are optimistic that in time this will be recognised by markets, to the benefit of the trust."

Premier Miton Global shares were down 3.4% to 93.00 pence each on Thursday afternoon in London.

By Tom Budszus, Alliance News slot editor

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