Spire Healthcare expects FY25 EBITDA at lower end of guidance range

Investing.com -- NextEnergy Solar Fund Limited (LON:NESF) on Wednesday reported a 3.2% decline in its net asset value (NAV) for the first half of its fiscal year, primarily due to lower power price assumptions.

The company’s NAV stood at 88.8p per share as of September 30, representing a 2.9p per share decrease from the previous period. The main factors driving this decline were lower power price assumptions resulting from falling gas prices, which reduced NAV by 2.2p per share, and the quarterly dividend payment that decreased NAV by 2.5p per share.

These negative impacts were partially offset by a new, lower asset management fee that added 1.3p per share.

Despite the NAV decline, portfolio generation exceeded budget by 7.6%, driven by solar irradiation levels that were approximately 13% higher than expected.

The company’s gearing level increased to 49.2% of gross asset value (GAV), up from 48.4% in March 2025. This rise was primarily due to declining asset valuations. NextEnergy’s £205 million revolving credit facility currently has approximately £151.9 million drawn, compared to £144.9 million in March 2025.

With gearing approaching the company’s investment limit of 50% of GAV, and its preference shares’ debt to enterprise value ratio already exceeding limits at 54.8%, NextEnergy faces constraints on additional borrowing and share buybacks.

The company’s buyback program is currently paused after completing about 58% (£11.5 million) of planned repurchases.

NextEnergy is conducting a strategic review that may expand its disposal program beyond the currently targeted 100MW to include more marketable subsidy-backed assets. Further details on this initiative are expected in 2026.

The company has maintained its dividend guidance for fiscal year 2026, with expected coverage of 1.1-1.3 times. With more than 70% of annual generation already delivered in the first half, which exceeded budget by 7.6%, the company has strong visibility on cash flows.

Looking ahead, NextEnergy’s revenue appears well hedged against moderating power prices, with approximately 73% of fiscal year 2027 revenue already contracted, and about 64% contracted for fiscal year 2028.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investing.com -- Big Yellow Group (LON:BYG) expects its annual business rates bill to increase by £1.8 million following the UK’s recent commercial property revaluation announced in the Budget.

The self-storage company projects its rates bill will reach £22.9 million for the year ending March 31, 2027, representing an 8.5% increase from current levels for stores open as of March 31, 2025.

This increase amounts to approximately 0.9% of the group’s last reported full-year revenue, before accounting for any potential reductions from successful appeals against the new rateable values.

The company faces additional pressure from a new high-value multiplier that will apply to properties with rateable values exceeding £500,000, affecting 27 of Big Yellow’s stores.

Big Yellow has previously demonstrated success in challenging business rates assessments. Since the 2017 listing, the company has secured reductions in rateable values for 35 properties, representing 30% of its listings from 51 concluded appeals. These successful challenges generated approximately £5 million in rates rebates over the six-year listing period through 2023, cutting about 6% from the company’s total rates bill.

Currently, Big Yellow has 63 outstanding appeals - four from the 2017 listing and 59 from the 2023 listing. The company is reviewing the new 2026 listing to determine which stores to prioritize for appeals in the initial phase.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.