GCP Infrastructure posts modest first-half growth

GCP Infrastructure Investments released its half-yearly report for the six months to 31 March on Thursday - a period in which dividends of 3.8p per share were paid or declared.

The FTSE 250 company said total shareholder return for the period was 0.8%, and its total return since the initial public offering in 2010 stood at 95.7%.

Profit for the period was £22.1m, while £90m was successfully raised through a “significantly oversubscribed” share issue.

Loans advanced totalling £74m were secured against UK renewable energy, social housing and PFI projects in the half, with a further £21.8m advanced post period end.

Since 31 March, GCP said it had gained entry into a conditional, binding commitment to acquire up to £140m of loans as part of the UK Government's sale of the GIB.

A further commitment had been made post period end of up to £40m to finance supported living housing units.

The company net asset value per ordinary share as at 31 March was 110.30p per share - up 0.6% since 30 September 2016.

A third-party valuation of the company's investment portfolio period end was £773.4m, the board added.

“The directors consider that the principal risks and uncertainties facing the company are substantially unchanged since the publication of the company's 2016 annual report and financial statements and are expected to remain relevant to the company for the next six months of its financial year,” the board said in its statement.

“Principal risks faced by the company include - but are not limited to - execution risk, portfolio risk, financial risk, operational risk, cyber-crime risk, and regulatory, [and] legal and compliance risk.”