(Alliance News) - GCP Infrastructure Investments Ltd on Friday reported a drop in net assets at the end of the first half, blamed on the lower electricity prices.
The trust focuses primarily on investments in UK infrastructure debt.
At March 31, GCP Infrastructure's NAV per share stood at 109.83 pence each, down 2.4% versus 112.54p at the same point the year before.
The dip was due to downward revaluations of long-term electricity price forecasts and the reversal to the previously enacted reduction to the corporation tax rate from April 1, 2020.
The trust's net assets ended the first half at GBP964.7 million, down 2.3% from GBP987.1 million the year before.
GCP Infrastructure declared a 3.8p dividend in the first half, unchanged on the year before.
Chair Ian Reeves said: "10 years from IPO, GCP Infra has delivered on its core objectives of regular, sustained, long-term dividend income, capital preservation and diversification for shareholders. It has done so in a market landscape that has materially shifted over the same period.
"The company remains committed to continue to deliver on its core objectives and, with the targets established in this report, we believe continues to offer a highly attractive risk-adjusted return for its shareholders."
Shares in GCP Infrastructure Investments were down 1.5% at 117.25 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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GCP Infrastructure Investments (GCP)