GCP Infra reports £17.0m half-year profit and maintains dividend target

GCP Infrastructure Investments Limited (LON:GCP) has announced its half-yearly report and financial statements for the period ended 31 March 2026

The Directors of the Company are pleased to announce the Company’s half-yearly results for the period ended 31 March 2026. The half-yearly report and financial statements can be accessed via the Company’s website at www.gcpinfra.co.uk

About the Company

The Company seeks to provide shareholders with regular, sustained, long-term dividend income whilst preserving the capital value of its investments by generating exposure to infrastructure debt and/or similar assets. It is currently invested in a diversified, partially inflation-protected portfolio of investments, primarily in the renewable energy, social housing and PPP/PFI sectors.

The Company is a FTSE 250, closed‑ended investment company incorporated in Jersey. It was admitted to the Official List and to trading on the London Stock Exchange’s Main Market in July 2010. It had a market capitalisation of £600.3 million at 31 March 2026.

At a glance

Highlights for the period

·     Dividends of 3.5 pence per share for the six month period to 31 March 2026 (31 March 2025: 3.5 pence per share), paid in line with the target² of 7.0 pence set for the financial year.

·     Total shareholder return¹ for the period of 5.0% (31 March 2025: (5.3%)) and total shareholder return since IPO¹ of 113.7%. Total NAV return¹ for the period of 2.4% (31 March 2025: 0.5%) and total NAV return since IPO¹ of 191.9%.

·     Profit for the period of £17.0 million (31 March 2025: £0.4 million). The increase primarily reflects a significant reduction in net unrealised losses on the portfolio. For further information refer to the financial review below.

·     No new loans advanced during the period, with advances to existing borrowers totalling £8.7 million in accordance with existing contractual obligations. For further information refer below.

·     Loan repayments of £17.6 million from renewables, PPP/PFI and supported living projects. Further information is given below.

·     Share buybacks of 10.2 million shares during the period, returning £7.6 million to shareholders.

·     Company NAV per ordinary share at 31 March 2026 of 100.26 pence (31 March 2025: 102.28 pence).

·     Third party independent valuation of the Company’s partially inflation‑protected investment portfolio at 31 March 2026 of £850.6 million (31 March 2025: £902.9 million). The principal value at 31 March 2026 was £903.4 million.

·     Post period end, the Company made further advances, pursuant to existing contractual obligations, of £0.5 million and received repayments of £20.5 million.

1. APM – for definition and calculation methodology, refer to the APMs section below.

2. The dividend target is a target only and not a profit forecast or estimate and there can be no assurance that it will be met.

Andrew Didham, Chairman of GCP Infra, commented:

The backdrop for the alternative income UK investment company sector has remained challenged over the period. There remains a continued imbalance of excess supply over demand from UK public market investors for the sector in which the Company operates. As a result, the Company’s share price has continued to trade at a discount to the NAV per share.

The Company has responded proactively to these conditions. At the recent capital markets day, the Company established a clear framework for the deployment of capital returned from the Company’s investment portfolio, driven by continued accelerated realisations and refinances. As a result of the Company’s capital allocation plan to date, Company-level debt has been materially reduced and share buybacks have continued, with £7.6 million returned to shareholders during the period.

In this uncertain macro and political environment, the Company’s share price has been relatively stable, with the annual dividend target representing a yield of 9.6% based on the share price at the period end. Total shareholder return for the period was 5.0% with a total shareholder return since IPO¹ of 113.7%. The Company generated total income of £24.2 million and profit for the period of £17.0 million.​

The Company is advised by an experienced team with a proven track record of long‑term value creation for shareholders. It has a well-diversified and partially inflation linked portfolio of assets that deliver critical services which are required for the effective operation of the modern economy, whilst also generating positive environmental and social impacts.

I would like to thank shareholders for their continued support.

1. APM – for definition and calculation methodology, refer to the APMs section below.

Investment objectives and KPIs

The Company primarily invests in UK infrastructure debt and/or similar assets to meet the following key objectives:

Further information on Company performance can be found in the financial review below.

1. The dividend target is a target only and not a profit forecast or estimate and there can be no assurance that it will be met.

2. The Company has been awarded the LSE Green Economy Mark which recognises London-listed companies generating more than half their revenues from green environmental products and services.

3. The Cardale PFI loan is secured on a cross-collateralised basis against 18 separate operational PFI projects, with no exposure to any individual project being in excess of 10% of the total portfolio (calculated by reference to the percentage of total assets).

4. The Company’s portfolio is 25% invested in PPP/PFI projects in the healthcare, education, waste, housing, energy efficiency and justice sectors and 15% in the supported living sectors, which are measured in alignment with the UN SDGs, and 3% of the portfolio is invested in PPP/PFI leisure projects.

5. APM – for definition and calculation methodology, refer to the APMs section below.

6. The Board is composed of six Directors, including one Director from a minority ethnic group and two female Directors.

Portfolio at a glance

The Company’s portfolio comprises underlying assets located across the UK which fall under the following classifications:

1. APM – for definition and calculation methodology, refer to the APMs section below.