International Public Partnerships deploys another £105m – International Public Partnerships has published results for 2018. Highlights are:
- Net Asset Value growth of 7.9% to GBP2.2 billion (31 December 2017: GBP2.0 billion)
- NAV per share growth to 148.1 pence (31 December 2017: 145.0 pence)
- Full-year dividend increase of c.2.5% to 7.00 pence per share (31 December 2017: 6.82 pence per share)
- IFRS profit before tax of GBP138.1 million (31 December 2017: GBP106.4 million)
- Inflation-linkage with projected increase in the company’s returns of 0.82% p.a. for each 1% p.a. increase in inflation (31 December 2017: 0.81%)
- Target 2019 and 2020 full-year dividends of 7.18 and 7.36 pence per share, respectively
- 2018 cash dividend cover of 1.2x
Investing activity continued apace with £105m of new or follow-on investments and commitments including: a seventh OFTO (offshore transmission) asset; an additional commitment to Cadent (the gas network business spun out of National Grid); a small uplift in its investment in Offenbach Police Centre; more money for the UK’s digital infrastructure, a GBP1.7 million investment to acquire further interest in Hertfordshire Building Schools for Future; a GBP0.6 million final investment into the second stage of the Gold Coast Light Rail PPP concession, Australia; plus ongoing work on the Tideway project (the Thames super sewer).
Michael Gerrard, chairman, commented: “The company has once again delivered its target level dividend through a year of strong portfolio performance. The visibility of underlying cashflows, the quality of our portfolio and the active approach to asset management undertaken by the company’s investment adviser gives the board full confidence in delivering future returns for shareholders.
The company’s focus will continue to be on a wide range of established and emerging asset classes where we believe private finance can deliver outstanding infrastructure and good value for money for our clients and end-users.
Our existing portfolio combined with a promising pipeline of global and diversified investment opportunities will support our ability to continue to deliver predictable, long-term, inflation linked returns to our shareholders with a consistently low correlation to the broader equity market.”
INPP : International Public Partnerships deploys another £105m