1st Sep 2016 07:01
LONDON (Alliance News) - International Public Partnerships Ltd on Thursday said the outlook for the UK and global infrastructure sector continues to be buoyant, after its net asset value rose in its first half.
The infrastructure project investor said its net asset value rose to GBP1.37 billion at the end of June, up 6.3% from the GBP1.29 billion at the end of December.
Its net asset value per share rose 6.1% to 138.20 pence over the same period from 130.2p, with INPP citing continued demand for infrastructure investment in the UK and internationally.
The company said in the six months to the end of June, it made investments and commitments to five infrastructure investments in the electricity transmission, regulated utility, education and transport infrastructure sectors totalling more than GBP60.0 million.
Additional commitments or investments of GBP91.2 million have been made by INPP into additional infrastructure projects in the months since the end of its first half, the company said. INPP said its strategic focus remains on coursing off-market primary investments.
Pretax profit rose to GBP109.6 million for the first half, almost three times ahead of the GBP38.4 million posted a year earlier.
INPP hiked its interim dividend to 3.325p per share from 3.225p per share a year earlier.
"We remain confident in the pipeline of both public private partnerships and private finance initiative 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," said Chairman Rupert Dorey.
"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," Dorey said.
Shares in INPP were untraded shortly after market open Thursday morning. They last closed at 157.46p.
By Hannah Boland; [email protected]; @Hannaheboland
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