LONDON (Alliance News) - GCP Infrastructure Investments Ltd said profit jumped in the recent half year, as it advanced four additional loans totalling GBP52.2 million secured against a variety of renewable energy projects
The UK infrastructure debt-focused investment firm posted profit of GBP18.9 million for the six months ended March 31, up from GBP6.4 million, as total income rose to GBP26.7 million from GBP8.8 million a year earlier, driven by an increase in investment income to GBP25.6 million from GBP8.7 million a year ago.
Total income consists of investment, arrangement fees and deposit interest income.
During the period, the company advanced four additional loans totalling GBP52.2 million secured against a variety of renewable energy projects, with a further GBP19.1 million after the period end. All acquisitions were financed fully from available cash reserves within the company.
The company also raised GBP80 million in the period by way of a C share issue which was significantly oversubscribed.
At the period-end the company's net asset value per share stood at 104.54 up from 101.96 pence a year earlier
In addition the value of GCP's investment portfolio at March 31 stood at GBP370.2 million, compared with GBP233.5 million a year ago.
The company moved to payment of quarterly dividends in 2013. A dividend of 1.90 pence per share was declared for both three-month periods ended December 31 and March 31.
GCP shares were quoted down 0.4% at 116.75 pence Friday morning.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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GCP Infrastructure Investments (GCP)