21st May 2014 13:11
LONDON (Alliance News) - HICL Infrastructure Company Ltd reported an increase in pretax profit for the full-year, as its portfolio generated good underlying profitability and cashflows.
The closed-ended investment company, posted pretax profit of GBP153.8 million for the period ended March 31, up from GBP93.1 million a year earlier, while investment income rose to GBP169.3 million from GBP12.7 million in the corresponding period.
HICL, which focuses on UK infrastructure assets, said its portfolio was valued at GBP1.50 billion, compared with GBP1.4.4 billion in September and GBP1.21 billion in March 2013.
The company's net asset value per share rose to 123.1 pence from 119.6 pence in September and 116.4 pence in March 2013.
During the period the group made 16 new investment and six incremental acquisitions for a combined GBP239.2 million.
Cash received from the portfolio by way of distributions, capital repayments and fees stood at GBP112.4 million up from GBP78.2 million in the corresponding period.
Looking ahead, the firm said it has become increasingly "challenging" to source investment opportunities with the risk-reward characteristics of earlier acquisitions. However, HICL said it continues to benefit from its network of long-established relationships with potential vendors and developers.
"Whilst the group is evaluating more potential investments overseas, and also investments in projects under construction, it is unlikely that the overall composition of the portfolio will change materially," Chairman Graham Picken said in a statement.
On the back of its strong performance the firm increased its dividend to 3.60 pence from 3.575 pence, making a total dividend for the year of 7.10 pence, up from 7.00 pence a year ago.
HICL shares were quoted up 1.3% at 136.90 pence Wednesday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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