International Public Partnerships Limited saw continued net asset value growth of 6.3% to £1,371.4m in the six months to the end of June with NAV per share increasing 6.1% to 138.2p.
Other financial highlights:
- Half year 2016 fully covered cash dividend of 3.325 pence per share declared (30 June 2015: 3.225 pence per share)
- Minimum target dividend for 2016 financial year of 6.65 pence per share and 2017 of 6.82 pence per share, an average annual increase of c.2.5%3
- IFRS profit before tax of £109.6 million (30 June 2015: £38.4 million)
- Total Shareholder Return since listing in 2006 of 139.2%, compared to 55.6% on the FTSE All Share over that same period4
- Following robust portfolio growth, new investments and a significantly oversubscribed £125 million capital raise in July 2016, c.36% increase in market capitalisation to £1.5 billion (30 June 2015: £1.1 billion)
Chairman Rupert Dorey said: "Predictable, growing returns continue to characterise our financial performance as the company delivers further value growth over the first half of 2016."
"The significantly oversubscribed capital raise following the half year end demonstrates the continued demand and underlying value of our portfolio and the pipeline assets in which we are well-positioned to invest.
"The UK and global infrastructure market continues to provide diversified investment opportunities as we maintain our focus on the early phases of governments' procurement processes where we are a proven participant in the structuring and risk management of pipeline projects." "We remain confident in the pipeline of both PFI/PPP and regulated assets and will continue to deploy our tried and tested approach to active asset management of our existing portfolio, which remains fundamental to our long-term success.
"With this, we look forward to maintaining our commitment to delivering durable, low-risk and inflation-linked returns to our shareholders."