(Alliance News) – Foresight Sustainable Forestry Co PLC on Tuesday reported double-digit profit growth ahead of its acquisition by Averon Park Ltd.
This London-based company offers direct investments in forestry and afforestation projects in the United Kingdom.
In the six months to March 31, pre-tax profit rose 10% to £6.6 million, up from £6.0 million the previous year.
Net asset value fell 5.8% from 108.5p per share last year to 102.2p, with net asset value falling from £186.6m to £175m. £8 million.
Total net asset value return since IPO was 4.2%, down from 11% last year.
Chairman of the board Richard Davidson said: “The company has achieved its objectives: “The company has achieved its objectives of increasing the supply of domestic wood, sequestering carbon dioxide in the atmosphere , improved biodiversity and has created hundreds of jobs in the rural communities where it operates.
Between March 31 and May 10, the company planted 650,000 trees and plans to plant 9.4 million by spring 2025.
On May 29, the company said it had agreed to be acquired by Averon Park, a company that seeks opportunities to commit capital to business ventures.
Averon Park offered 97p per share to the forestry investment fund managed by Foresight Group LLP, a 33% premium to Foresight’s closing price of 73.0p the previous day.
FSF shares were up 0.5% at 95.46 pence each in London on Tuesday afternoon.
The acquisition is expected to be completed in the third quarter of 2024.
By Elijah Dale, Alliance News reporter
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