24 March 2012 – interim results

Results for the six months ended 31 December 2010 have been released. Of most interest is the Net Asset Value of 135.94p per share and a rise in carbon prices since the period end means that this figure is currently around 13p per share higher. An interim dividend of 6.0p per share has been declared and the ex-dividend date is 30 March. We believe that there is scope for further upside, with cash due to be returned to shareholders in the short to medium term, but the share price has already risen strongly since our tip. FIRM HOLD.