International Public Partnerships Ltd on Thursday reported a decline in its net asset value, amid a ‘volatile macroeconomic environment’.
The infrastructure investor said its net asset value decreased by 4.1% to £2.9 billion in 2023.
NAV per share fell by 4.1% to 152.6 pence at December 31, from 159.1p the year before.
In London on Thursday morning, International PPL shares were down 1.5% to 123.71 pence each.
The company maintained its target of growing the dividend each year, increasing the 2023 payout by 5.0% to 8.13p from 7.74p. On June 13, a 4.07p dividend for the last six months of the year will be paid, a rise of 5.2% from 3.87p a year prior.
IPPL is aiming for an 8.37p per share dividend for 2024, a 3.0% rise, before a total 8.58p payout in 2025, an increase of 2.5% from the expected level of this year.
Looking ahead, International PPL said: ‘The company’s prospects are highly attractive. INPP’s investment case is underpinned by the long-term nature of the portfolio and the inflation-linkage of the company’s projected cash receipts. As such, the board and investment adviser are confident the company will continue to meet its investment objectives.’
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