Profits rise at GCP Infrastructure

GCP Infrastructure Investments reported improved profit in the last six months, as it continues to see a steady flow of investment opportunities, and said it is confident of building a significant pipeline over the coming months.

GCP Infrastructure Investments reported improved profit in the last six months, as it continues to see a steady flow of investment opportunities, and said it is confident of building a significant pipeline over the coming months.

The group, which floated last summer, said total comprehensive income for the six months to March 31st 2013 rose to £6.4m from £1.7m the same time a year earlier.

As at March 28th 2013 net asset value (NAV) was 101.96p per ordinary share and 98.64p per C share.

The group said its share price has traded at a premium to net asset value throughout the period.

Chairman Ian Reeves said: "We were delighted to raise £144.4m in October's C share fundraise, more than doubling the size of the company. The significant participation in the fundraise by both new and existing investors was a demonstration of confidence in the Company and the quality of the company's investment proposition."

"The capital raised has been deployed in a portfolio of highly attractive investments in both the private finance initiative and renewable energy sectors, allowing conversion of the C shares into ordinary shares within the predicted timeframe."

The group said the ongoing lack of availability of debt for UK infrastructure projects, predominantly resulting from the banks' continuing retreat from the sector, has meant that the Master Fund's offering of long-term debt remains a highly sought after product.

"The investment adviser continues to see a steady flow of investment opportunities and is confident of building a significant pipeline over the coming months."

An interim dividend of 3.8p per share has been offered for the six-month period from October 1st 2012 to March 31st 2013.

CJ

Recommended

Bunzl: boring is good for business
Share tips

Bunzl: boring is good for business

Food-service distribution company Bunzl is not a terribly exciting business, but it looks cheap and could be a great investment, says Rupert Hargreave…
30 Jun 2022
Five dividend stocks to beat inflation
Share tips

Five dividend stocks to beat inflation

During periods of high inflation, dividend stocks tend to do better than the wider market. Here, Rupert Hargreaves pick five dividend stocks for incom…
30 Jun 2022
Three Sharia-compliant growth companies
Share tips

Three Sharia-compliant growth companies

Professional investor Scott Klimo of the Saturna Al-Kawthar Global Focused Equity ETF tips three Sharia-compliant stocks.
30 Jun 2022
Why the cost of living crisis could be a boon for this cheap retailer
Retail stocks

Why the cost of living crisis could be a boon for this cheap retailer

Like many retailers, B&M is facing the dual headwinds of lower sales and higher costs as inflation bites. But its business model has proved hugely suc…
29 Jun 2022

Most Popular

Prepare your portfolio for recession
Investment strategy

Prepare your portfolio for recession

A recession is looking increasingly likely. Add in a bear market and soaring inflation, and things are going to get very complicated for investors, sa…
27 Jun 2022
Market crash: have we hit bottom or is there worse to come?
Stockmarkets

Market crash: have we hit bottom or is there worse to come?

For a little while, markets looked like they were about to embark on a full-on crash. And that could still happen, says Dominic Frisby. Today, he look…
27 Jun 2022
What the end of the 1970s bear market can teach today’s investors
Stockmarkets

What the end of the 1970s bear market can teach today’s investors

The 1970s saw the worst bear market Britain has ever seen, with stocks tumbling 70%. Things have changed a lot since then, says Max King. But there ar…
28 Jun 2022