GCP Infrastructure Investments Ltd on Wednesday said lower electricity prices affected its half-year performance, but remains confident regarding investments.

The Jersey-based investment fund focused on UK infrastructure projects said its net asset value per share at March 31 was 112.24 pence, fell slightly from 112.75 pence the year before. NAV total return was 2.7% compared to 12% at March 2022.

Total income in the six months ended March 31 fell by 70% to £35.6 million from £117.6m the year before. GCP infrastructure noted ‘significant volatility’ with lower short-term electricity prices and lower long-term forecasts than the previous year

Market capitalisation at March 31 fell by 23% to £753 million from £975.5 million a year prior.

GCP declared an interim dividend of 3.5 pence per share, unchanged from the year before.

Looking ahead, GCP said it remains confident in its ability to generate an attractive investment pipeline and is seeking opportunities in the electric vehicle, hydrogen, carbon capture and sustainable packaging sectors.

GCP shares were trading flat at 74.59 pence in London on Wednesday morning.

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