Gore Street Energy 1H Pretax Profit Jumped on Investment Gains – MarketWatch
By Xavier Fontdegloria
Gore Street Energy Storage Fund PLC on Monday reported a jump in its pretax profit for the first half of fiscal 2022 because of the revaluation of its investments.
The energy-storage fund made a pretax profit of 10.8 million pounds ($14.3 million) for the six months ended Sept. 30, compared with a pretax profit of GBP2.9 million a year earlier.
Net gain in investments at fair value was GBP11.1 million, up from GBP3.7 million, it said.
The company’s net asset value rose to GBP285.3 million as of September 2021 from GBP145.1 million in March 2021, it said.
The company declared a dividend of four pence a share.
Gore Street Energy Storage Fund said its pipeline will be focused overseas over the next six months, particularly in the U.S. “We are encouraged by the aggressive growth of renewables in several regional operating systems in the United States and the resulting market opportunities for energy storage,” the company said.
Write to Xavier Fontdegloria at [email protected]