# GCP Infra reports £17.0m half-year profit and maintains dividend target - Link: https://www.directorstalkinterviews.com/gcp-infra-reports-17-0m-half-year-profit-and-maintains-dividend-target/4121252993 - Published: 2026-06-04T07:30:55+01:00 - Author: Amilia Stone **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](https://www.directorstalkinterviews.com/news/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** | | HY24 | HY25 | **HY26** | | Net assets £m | 933.9 | 871.7 | **828.9** | | Profit for the period £m | 9.9 | 0.4 | **17.0** | | Dividends for the period p | 3.5 | 3.5 | **3.5** | | Total NAV return since IPO % | 172.8 | 178.0 | **191.9** | | Aggregate downward revaluations since IPO¹ (annualised) % | 0.38 | 0.46 | **0.52** | | Share price p | 72.30 | 71.30 | **72.60** | | NAV per share p | 107.62 | 102.28 | **100.26** | **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 target^(2) of 7.0 pence set for the financial year. ·     Total shareholder return^(1) for the period of 5.0% (31 March 2025: (5.3%)) and total shareholder return since IPO¹ of 113.7%. Total NAV return^(1) for the period of 2.4% (31 March 2025: 0.5%) and total NAV return since IPO^(1) 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: | **Dividend income** | **Diversification** | **Capital preservation** | | To provide shareholders with regular, sustained, long‑term dividends. | To invest in a diversified portfolio of debt and/or similar assets secured against UK infrastructure projects.  | To preserve the capital value of its investments over the long term. | | **Key performance indicators** | ** ** | ** ** | | The Company has set a dividend target^(1)of 7.0 pence per share for the financialyear ending 30 September 2026.  | The investment portfolio is exposed to awide variety of assets in terms of projecttype and source of underlying cash flow. | The Company has generated total NAV return^(5) for the period of 2.4% and 191.9% since the Company’s IPO in 2010. | | **3.5p** | **47** | **100.26p** | | Dividends paid for the six month period ended 31 March 2026 | Number of investments at 31 March 2026 | NAV per share at 31 March 2026 | | | | | | **£17.0m** | **14.6%^(3)** | **0.52%** | | Profit for the six month period ended 31 March 2026  | Size of largest investment as a percentageof total assets | Aggregate downward revaluations since IPO (annualised)^(5) | | **ESG indicators** | ** ** | ** ** | | **57%** | **43%** | **50%** | | Portfolio by value contributing to the green economy^(2) | Portfolio by value that benefits end users within society^(4) | Board gender and ethnic diversity^(6) | 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: | | Number of | | | Sector | assets | % of portfolio | | **Investments contributing to the green economy** | ** ** | ** ** | | Geothermal | 1 project | 1% | | Solar | 52,662 installations | 25% | | Hydro | 14 schemes | 2% | | Gas peaking | 2 plants | 1% | | Biomass | 4 sites | 11% | | Electric vehicles | 250 vehicles | 1% | | Wind | 8 sites | 10% | | Resource use | 1 project | 1% | | Anaerobic digestion | 18 plants | 5% | | **Investments that are integral to society** | ** ** | ** ** | | PPP/PFI | 139 assets | 28% | | Supported living | 905 units | 15% | | | Weighted average | | Partially inflation | Principal value | | Senior ranking security | annualised yield^(1) | Average life | protected | of portfolio | | **52%** | **8.0%** | **11 years** | **49%** | **£903.4m** | _1. APM – for definition and calculation methodology, refer to the APMs section below._ [GCP-Infra-HY26-web12952095.1](https://www.directorstalkinterviews.com/wp-content/uploads/2026/06/GCP-Infra-HY26-web12952095.1.pdf) [Download](https://www.directorstalkinterviews.com/wp-content/uploads/2026/06/GCP-Infra-HY26-web12952095.1.pdf) Share on: