A FTSE 250, closed-ended investment company listed on the Main Market of the LSE, investing in UK infrastructure projects with long-term, public sector backed revenues. Designed to provide regular, sustained, long-term dividends.
Portfolio update
At 31 December 2024, the Company was exposed to a diversified, partially inflation protected, portfolio of 50 investments, with an unaudited valuation of £1.0 billion. The portfolio had a principal value of £1.0 billion with a weighted average annualised yield of 7.9% and an average life of 10 years.
NAV movements
At 31 December 2024, the unaudited net asset value per ordinary share of the Company was 105.18 pence (30 September 2024: 105.22 pence), a decrease of 0.04 pence per ordinary share.
An uplift in forecast electricity prices, driven both by higher futures forecast in the short-term and the latest forecast from the Company's third-party power price consultant, led to increasing forecast cash distributions to the Company from certain renewable energy investments, contributing c. 0.60 pence per ordinary share. This was offset by actual generation across the renewable energy portfolio that was materially below budget, as the UK suffered from poor solar irradiance and low wind speeds, which led to a reduction of c.0.76 pence per ordinary share. Short-term inflation forecasts were updated for the Office for Budget Responsibility's (OBR) latest projections, released with the government's Autumn Budget, these saw a much softer landing than had been assumed in the Spring Budget analysis, and resulted in a 0.78 pence per ordinary share uplift.
Capital allocation
The Board of Directors of the Company reconfirmed its commitment to the Capital Allocation Policy in its 2024 Annual Report and financial statements, continuing to prioritise a material reduction in leverage, as well as reducing equity-like exposures and exposures in certain sectors, whilst also facilitating the return of £50 million of capital to shareholders.
During the quarter the Company completed the disposal of a portfolio of rooftop solar assets installed on domestic properties in the UK at the prevailing valuation, generating proceeds of £6.8 million. On 30 January 2025, the Company also announced it had disposed of its interest in two operational onshore wind farms, generating day one cash proceeds of c.£16.5 million, with a further c.£1.3 million of deferred proceeds, and c.£1.0 million of tax benefits released.
Annual results
On 12 December 2024, the Company published its audited annual results for the year ended 30 September 2024. The full annual report and financial statements can be accessed here.
The Company's objective is to:
The Investment Adviser to GCP Infrastructure Investments is Gravis Capital Management Ltd. The Gravis team has worked together over many years to build both investment philosophy and a practical track record of performance.
The advisers from Gravis are Phil Kent and Max Gilbert.
GCP Infrastructure Investments Limited
IFC 5
St Helier
Jersey
JE1 1ST
Telephone: +44 (0) 1534 722 787
Email: jerseyinfracosec@apexgroup.com
Notifications of the acquisition or disposal of major shareholdings in GCP Infrastructure Investments Limited under the FCA Disclosure Guidance and Transparency Rules using form TR1 should be emailed to jerseyinfracosec@apexgroup.com
Philip Kent
Max Gilbert
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Terms & conditions
THE INFORMATION ON THIS WEBSITE IS INTENDED TO BE USED FOR REFERENCE PURPOSES ONLY BY PERSONS IN THE UK. THE INFORMATION IS NOT INTENDED FOR PERSONS OUTSIDE THE UK WHERE THE AVAILABILITY OR PUBLICATION OF SUCH INFORMATION IS PROHIBITED OR RESTRICTED INCLUDING, BUT NOT LIMITED TO, THE UNITED STATES ITS TERRITORIES, POSSESSIONS AND PROTECTORATES UNDER ITS JURISDICTION. NOTHING ON THIS WEBSITE IS TO BE CONSIDERED AS AN OFFER TO DEAL IN THE SHARES OF GCP INFRASTRUCTURE INVESTMENTS LIMITED (“GCP INFRA”) IN ANY JURISDICTION
This website does not constitute investment advice and should not be relied upon as such by any person. Prospective investors should take advice from an authorised financial adviser to assess whether an investment in GCP Infrastructure is suitable.
Shares in GCP Infra may not be offered or sold directly or indirectly in the United States. They have not been nor will they be registered under the U.S. Securities Act of 1933, as amended, and GCP Infra is not registered under the U.S. Investment Company Act of 1940, as amended. The shares in GCP Infra have not been and will not be registered under the applicable securities laws of Australia, Canada, Japan or the Republic of South Africa and may not be offered or sold in these jurisdictions.
Recipients of information on this website in any other jurisdiction should inform themselves about and observe any applicable legal requirements in their jurisdiction. It should be remembered that the price of shares in GCP Infra and the income from them can go down as well as up.
GCP Infra is managed by Gravis Capital Management Limited (“Gravis”). No warranty is made by Gravis as to the accuracy or completeness of any information on this website. Any price information or indications of past performance on this website are for information purposes only, are subject to change without notice and can in no way be construed as a guarantee of future performance. Gravis disclaims any and all responsibility and liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of the Website Information or its contents or otherwise in connection with the Website Information. Persons reading the Website Information must make all trading and investment decisions in reliance on their own judgement. No statement in the Website Information is intended to be nor may be construed as a profit forecast.
Website Information may contain forward-looking statements involving risks, uncertainties and other factors that may cause actual results to differ
Certain statements in the Website Information constitute forward-looking statements. All statements that address expectations or projections about the future, including statements about operating performance, market position, industry trends, general economic conditions, expected expenditures and financial results, are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects", "anticipates", "targets", "continues", "estimates", "plans", "intends", "projects", "indicates", "believes", "may", "will", "should", "would", "could", "outlook", "forecast", "plan", "goal" and similar expressions (or negatives and variations thereof). Any statements contained herein that are not statements of historical fact are forward-looking statements. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions.
Accordingly, actual results or the performance of the GCP Infra may differ significantly, positively or negatively, from forward-looking statements made herein. Due to various risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. As a result, you should not rely on such forward-looking statements in making any investment decision. No representation or warranty is made as to the achievement or reasonableness of, and no reliance should be placed on, such forward-looking statements. Nothing in the Website Information should be relied upon as a promise or representation as to the future.
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