REG - GCP Asset Backed Inc - Half-year Report

GCP Asset Backed Income FundAnnouncement

11/09/2025 07:00

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RNS Number : 8633Y  GCP Asset Backed Income Fund Ltd  11 September 2025

GCP Asset Backed Income Fund Limited

(the "Company" or "GCP Asset Backed")

LEI: 213800FBBZCQMP73A815

 

Half-yearly report and unaudited interim condensed financial statements

for the period ended 30 June 2025

 

11 September 2025

GCP Asset Backed, which invests in asset backed loans, is pleased to announce
the publication of its half-yearly report and unaudited interim condensed
financial statements for the period ended 30 June 2025 ("Interim Financial
Statements") which are now available on the Company website at: Gravis |
Literature (graviscapital.com)
(https://www.graviscapital.com/funds/gcp-asset-backed/literature) .

 

Highlights for the period include:

 

·    Dividends of 3.16(1) pence per share declared and paid for the
period. Aggregate dividend payments over the last twelve months represent a
9.7% yield on the Company's closing share price at 30 June 2025.

 

·    Strong progress has been made on the Company's managed wind-down. A
total of 210.0 million shares have been redeemed since inception of the
realisation programme, returning £188.2 million to shareholders and
representing 67.4% of the Company's market capitalisation at 31 December 2023.

 

·    Total NAV return(2) for the period of 1.4% (30 June 2024: 1.0%) and
total NAV return(3) since IPO of 48.1%.

 

·    Profit for the period of £2.5 million (30 June 2024: £1.7 million)
reflecting continued progress against the realisation plan. Further
information on financial performance is included on page 17 of the Interim
Financial Statements.

 

·    NAV per share of 79.79(3) pence at 30 June 2025, a decrease from the
year end. Further information is included in the Investment Manager's report
on pages 8 to 15 of the Interim Financial Statements.

 

·    Repayments of £12.0 million received in the period. Interest amounts
of £1.0 million were capitalised in accordance with contractual terms.

 

·    Exposure to a diversified, partially inflation and/or interest rate
protected portfolio of 23 asset backed loans with a third-party valuation of
£153.6 million(4) at 30 June 2025.

 

·    Post period end, the Group received repayments totalling £2.4
million, including the repayment of one problem loan repaid in line with the
fair valuation at 30 June 2025.

 

 

On the release of the Interim Financial Statements, Alex Ohlsson, Chairman of
GCP Asset Backed, commented:

 

"The Company remains focused on the managed realisation of its assets and
return of capital to shareholders. Since the inception of the realisation
programme, the Company has returned £188.2 million to shareholders through
the compulsory redemption of 210.0 million shares. In addition, the Company
has maintained the payment of regular and stable dividends, with a further
£6.8 million paid in the half yearly period, representing 3.16(1) pence per
share.

 

It is the Board's intention to maintain the Company's existing level of
dividend of 6.325 pence per ordinary share per annum(5)whilst the Company
remains substantially invested, for as long as is practicable.

 

On behalf of the Board, I would like to thank our shareholders for their
continued support."

 

 

1.      Total dividends of 3.1625 pence per share includes a quarterly
dividend of 1.58125 pence per share for the quarter to 30 June 2025, which was
declared post period end.

2.      Alternative performance measure - refer to pages 44 and 45 of the
Interim Financial Statements for definitions and calculation methodology.

3.      Does not include a provision for the dividend in respect of the
quarter to 30 June 2025, which was declared and paid post period end.

4.      Valuation of the loan portfolio held by the Subsidiary. The
Company makes its investments through its wholly owned Subsidiary. Refer to
note 1 for further information.

5.      This is a target only and does not constitute a profit forecast.

 

 

For further information, please contact:
 

 Gravis Capital Management Ltd       +44 (0)20 3405 8500
 Philip Kent

 Cameron Gardner

 Anthony Curl

 Barclays Bank plc                   +44 (0)20 7623 2323
 Dion Di Miceli
 Stuart Muress
 James Atkinson

 Burson Buchanan                     +44 (0)20 7466 5000
 Helen Tarbet

 Henry Wilson

 Nick Croysdill

 

Notes to editors

 

GCP Asset Backed Income Fund Limited is a closed-ended investment company. Its
shares are traded on the Main Market of the London Stock Exchange. Its
investment objective is to undertake a managed wind-down of the Company and
realise all existing assets in the Company's portfolio in an orderly manner.

 

The Company's portfolio comprises a diversified portfolio of predominantly UK
based asset back loans which are secured against contracted, predictable
medium to long term cash flows and/or physical assets.

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