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Investing.com -- GCP Infrastructure Investments Ltd (LON:GCP) announced a net asset value (NAV) per share of 102.14p as of June 30, 2025, representing a 1.6% total return for the quarter.
The stable NAV follows a visible reduction in the previous quarter. The quarterly performance was driven by actual generation net of discount rate unwind, which added 0.5% to the opening NAV, and share buyback accretion, which contributed an additional 0.2%.
These positive factors were partially offset by lower power price forecasts, which reduced the NAV by 0.3%.
As of June 30, GCP had drawn £43 million on its revolving credit facility (RCF), resulting in a net debt position of £36 million.
However, following the quarter-end, the company agreed to settlement terms related to an ongoing contractual claim concerning audits of the accreditation of a solar project portfolio under renewable obligations.
The settlement proceeds, which have already been received after the period ended, will be used to repay the RCF.
This will reduce the company’s pro-forma net debt to approximately £10 million, or 1.2% of NAV.
The settlement appears significant, as it implies proceeds of about £26 million, which is substantial considering that write-downs related to this Ofgem accreditation issue only totaled approximately £10 million over fiscal years 2019-2023.
While this development is positive for the company’s balance sheet, GCP did not provide further updates on disposal activity, with multiple processes still ongoing as mentioned in the company’s recent interim report.
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