In QuotedData’s morning briefing 9 August 2024:

• Murray International (MYI) announced its interim results for the six month period to 30 June 2024. The NAV total return was 5.5% compared with 12.2% for the company’s reference index. The share price total return was 0.5%, as the discount to the NAV widened from -4.0% at 31 December 2023 to -8.7% at 30 June 2024. The company also announced its first interim dividend of 2.5p per share (2023: 2.4p) is payable on 16 August 2024 and has declared a second interim dividend of 2.5p per share (2023: 2.4p) for the current year. This will be paid on 18 November 2024. During the period MYI also announced the departure of Bruce Stout who has been the company’s lead investment manager since 2004. Martin Connaghan and Samantha Fitzpatrick who have worked with Bruce for over 20 years have now taken joint responsibility for the management of the portfolio.
• The Renewables Infrastructure Group (TRIG) announced its interim results for the six month period to 30 June 2024. The company saw its NAV fall by 3%, while the share price total return was 13% with the poor performance mostly a result of lower near-term power price forecasts, lower forecast inflation and below budget generation. The company did reaffirm its dividend guidance for FY2024 of 7.47 per share (4% growth year-on-year) and has continued to dispose of assets totalling around £189m over the period, to fund buybacks and a reduction in the RCF.
• GCP Infrastructure has released a quarterly investor update for the three month period to 30 June 2024. The company delivered a share price total return of 13.4%. In addition, the major update was the disposal of its interest in loan notes secured against Blackcraig Wind Farm. The disposal occurred at a 6.4% premium to valuation at 31 March 2024, and generated net cash proceeds of c.£31 million. The disposal has reduced the company’s exposure to merchant electricity prices and equity-like interests. The net cash proceeds were used to repay the company’s revolving credit facility, which at 30 June 2024 resulted in a net debt position of £51.3 million (31 March 2024: £78.3 million).