IN BRIEF: GCP Asset Backed asset value falls but keeps payout target

GCP Asset Backed Income Fund Ltd - UK asset backed loan investor - As at June 30, net asset value ...

Alliance News 23 September, 2022 | 1:50PM
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GCP Asset Backed Income Fund Ltd - UK asset backed loan investor - As at June 30, net asset value per share is 98.45 pence per share, down 4.1% from 102.71p a year prior.

Declares 3.16p interim dividend, up 0.3% from 3.15p. Target dividend of 6.325p per share for 2022 is expected to be maintained, up 0.4% from 6.30p it paid in 2021.

Some 95% of GCP Asset Backed's loans continue to perform as expected, firm says.

"It has been positive to see the remaining UK Covid-19 restrictions lifted in the period. However, the start of 2022 has brought new challenges, with global business activity restarting post-pandemic and the conflict in Ukraine affecting the macro-economic environment, principally through increases in energy prices," GCP says on Wednesday.

The investment manager sees opportunities for investment in new projects, it adds.

Current stock price: 90.13 pence, up 0.2% on Friday

12-month change: down 9.9%

By Tom Budszus; tombudszus@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
GCP Asset Backed Income 68.40 GBX -0.58 -

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