20th Nov 2019 09:18
(Alliance News) - HICL Infrastructure PLC on Wednesday reiterated its dividend targets following net asset value growth over the first half of its current financial year.
The investment company reported a 0.3 pence growth in net asset value per share to 157.8p as at September 30 compared to March 31.
HICL explained that its NAV has benefited from "a range of value enhancing" activities, including lifecycle reprofiling and the disposal of two assets at a premium to book value.
HICL is paying an quarterly interim payout of 2.06p per share, up from 2.02p it paid in March.
"The predictability of the long-term, stable cashflows from HICL's portfolio enables the board to re-affirm the existing dividend targets of 8.25p for the current year and 8.45p for the year ending March 2021. In addition, I am delighted to announce target dividend guidance of 8.65p for the year ending March 2022," said Chair Ian Russell.
"Portfolio optimisation remains a core component of HICL's strategy and an important driver of shareholder value," added Harry Seekings, co-head of Infrastructure at InfraRed Capital Partners Ltd, HICL's investment manager. "The acquisition pipeline for HICL remains healthy, with InfraRed leveraging its expertise and network of relationships to generate new investment opportunities for the group."
HICL shares were trading 0.3% higher in London on Wednesday morning at 169.85p each.
By Evelina Grecenko; [email protected]
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