GCP Infrastructure reduces dividend

GCP Infrastructure Investments reduced its dividend as value per share edged down in its most recent financial year.

The UK infrastructure debt investor declared an annual dividend of 7p a share for the year to the end of September, down from 7.6p a year earlier. GCP said it was targeting an unchanged dividend in the current financial year.

Net asset value per share dipped to 103.92p from 103.99p as net assets rose to £916.8m from £914.8m. Rising electricity prices in the second half more than offset lower forecast prices in the first half, GCP said.

Chairman Ian Reeves said: "The impacts of the Covid-19 pandemic have continued during the year. Notwithstanding this, the impacts on the company felt during the initial March 2020 lockdown, namely lower electricity prices and reduced waste wood availability, have not persisted."

GCP shares rose 0.6% to 107.6p at 08:34 GMT. The shares have dipped 1.7% in 2021.