- Listed investment company GCP Asset Backed Income Fund reported a fall in profit as net assets fell in the first half of the year amid Covid-19 related uncertainties.

Profit fell to £6.9m from £13.2m on-year, driven by 'discount rate adjustments made to reflect the uncertainties associated with the Covid-19 pandemic,' the company said.

Net asset value per ordinary share fell 100.832 pence at 30 June 2020, from 102.31p a year earlier.

The company declared an unchanged dividend of 3.10p a share.

'Covid-19 has presented, and continues to present, a number of challenges for the underlying borrowers and it is likely that these uncertain market conditions will continue to persist in the short term,' the company said.

At 9:36am: [LON:GABI] GCP Asset Backed Inc Fund Ltd share price was +0.4p at 93.2p

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