(Alliance News) - GCP Infrastructure Investments Ltd on Thursday reported a slight fall in net assets over financial 2019, but said its portfolio is performing in line.
At September 30, the infrastructure debt investor's NAV per share stood at 111.66 pence, 0.7% below the 112.49p seen at the same point a year prior.
The company's year-end net assets stood at GBP980.1 million, down 0.5% from the GBP985.5 million reported at the open of the period.
"Against a UK market backdrop of limited governmental support for private sector finance of new infrastructure, and an increasingly competitive secondary market, the company has maintained a sufficient and attractive pipeline to reinvest capital that it has received by way of repayments and unscheduled (early) prepayments during the year," said Chair Ian Reeves.
During the twelve months to the end of September, GCP declared total dividends of 7.6p, flat on the year before.
The closed-ended investment firm advanced loans totalling GBP56.0 million in the period. In total, GCP Infrastructure now has 49 investments with an annualised yield of 8.1%.
The company's portfolio - which is partially inflation protected - was valued at GBP1.14 billion at September 30, stable on the GBP1.13 billion valuation a year prior. GCP Infrastructure said its portfolio is performing in line with expectations.
About two thirds of the company's portfolio is made up of wind, solar and private finance initiative projects.
Reeves continued: "The company remains confident of its ability to continue to maintain a pipeline for these purposes in the near term. However, given the market backdrop and its ability to reinvest in the medium term, any future growth of the company can only arise from discrete secondary market opportunities or as a result of the introduction of new government support that promotes the private sector financing of infrastructure."
Shares in GCP Infrastructure Investments were down 0.2% in London on Thursday morning at 131.60 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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GCP Infrastructure Investments (GCP)