(Alliance News) - VH Global Sustainable Energy Opportunities PLC on Friday said its net asset value grew, but interim profit fell on lower gains on investments, while also announcing the launch of a buyback programme

The London-based investor in energy infrastructure said its net asset value per share at June 30 was 110.21 pence, up 1.8% from 108.21p per share at December 31. NAV total return was 4.6%, compared to 18% a year prior. This was driven by a net increase in the value of investments of GBP23.6 million, the company said, as well as the strengthening of the pound against the US and Australian dollars.

The firm said pretax profit fell by 38% to GBP20.1 million from GBP32.4 million the year before, as gains on investments fell by 62% to GBP7.9 million.

Looking ahead, VH Global said its pipeline continues to grow.

On Friday, the company also announced a share buyback programme of up to GBP10 million for up to 15% of the company's issued share capital. "The share buyback programme is expected to be accretive to both NAV per ordinary share and dividend cover, as well as providing additional liquidity for GSEO's underlying shares. The share buyback programme is expected to be funded from the company's surplus liquidity."

Shares in VH Global Sustainable Energy were up 2.5% at 77.90p each in London on Friday morning.

By Sabrina Penty, Alliance News reporter

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