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o Revenue down 12% underlying o Cash operating income² down 13% underlying; 11% margin o Adjusted³ operating profit down 19% underlying; 9% margin o Adjusted profit before tax down 20% underlying o Adjusted EPS up 12% · Interim dividend increased +1% to 7.6p · Statutory · Active portfolio management strategy delivering value creation: o Increased investment in Cazoo in October 2020; proposed transaction values stake at c.US$1.35bn
5 vs £117m total investment o Disposal of EdTech (Hobsons) for c.US$410m in March 2021 o Acquisition of New Scientist for £67m in March 2021 · Strong financial position maintained: pro forma net cash £293m
6 and £362m of committed undrawn bank facilities; statutory net cash £199m
Published: 17 May 2021, 10:33
By:
The impact of the low power prices in the UK is continuing to be felt, as Foresight Solar Fund announces Net Asset Value (NAV) drop.
In 2020, the COVID-19 lockdowns caused energy usage to drop substantially, resulting in a drop in power prices. While usage has largely rebounded at this point, medium and long-term power price forecasts have still been revised down.
During Q1 2021, this was the key cause of Foresight s NAV falling to £558.7 million from £582.20 million in the quarter ending 31 December 2020. The investment fund’s NAV per ordinary share fell to 91.9 pence correspondingly, down from 95.8 pence per share in the previous quarter.