5th Sep 2018 13:31
LONDON (Alliance News) - GCP Asset Backed Income Fund Ltd on Wednesday said it increased its payout for the first half of 2018 following a rise in net asset value per share.
NAV per share rose to 101.53 pence in the six months to the end of June compared to 100.85p reported at the end of 2017.
The company's share price stood at 102.50 pence per share as at June 29, representing a 1% premium to NAV. The stock was trading 0.6% lower on Wednesday at 104.85p per share.
GCP Asset declared an interim dividend of 3.30p per share, including a special dividend of 0.25p. The prior year the company paid a dividend of 3.00p. With this payout in the year thus far, the company said it is on track to exceed its annual dividend target of 6.1p.
Value of investments grew to GBP308.1 million during the period, up from GBP218.5 million a year ago, pushing profit up to GBP10.2 million from GBP5.3 million.
At the end of first half, the company said it had loans of GBP53.4 million against 16 projects.
Looking forward, GCP Asset said market conditions remain supportive, as it continues to benefit from opportunities created by mainstream lenders.
"The company continues to deliver regular, dependable income to shareholders and, as a result of the special dividend declared in July, is on track to exceed its dividend target set out for the financial year," said Chairman Alex Ohlsson.
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