International Public Partnerships unveils profits rise
Infrastructure investment company International Public Partnerships (INPP) increased its dividend for the fifth consecutive year as it achieved a rise in 2012 profits.
Infrastructure investment company International Public Partnerships (INPP) increased its dividend for the fifth consecutive year as it achieved a rise in 2012 profits.
The group raised its dividend by 2.6% on the prior year to 6.0p per share.
Pre-tax profit came to £26.8m, up from £13.2m the year following a solid return on investments.
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Net asset value increased 3.5% year-on-year to 121p with net asset value growth up 37.9% to £861m.
Underlying assets generated £53.6m of cash compared to £44m in 2011.
The company made £146.6m worth of new investments during the period including the £115.1m acquisition of the Ormonde offshore wind farm which is expected to generate enough electricity every year to meet the needs of more than 100,000 UK households.
An £30.9m investment was also made in additional building schools.
Another milestone was the completion of construction on the company's second largest asset by value, the Northern Diabolo project in Belgium, on budget and on time. The project is for the development of the Brussels Airport rail network.
"Another strong set of full-year results for INPP has been underpinned by continued performance of the underlying portfolio and a high level of investment," said Chairman Keith Dorrian.
"At a time when the number of new UK private finance initiative investment opportunities is limited and competition is increasing, INPP's access to a diverse investment pipeline, both geographically and by sector, is critical and a key differentiator.
"We enter 2013 with renewed optimism, supported by continuing government commitment in the UK and across our key jurisdictions for infrastructure investment."
A further £40m was raised in January to support the company's investment opportunities this year.
RD
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