IPP results in line with expectations

Infrastructure investment company International Public Partnerships (IPP) said its portfolio of 22 assets "performed well" in the first four months of the year.

The company's revenue and cash receipts were in line with expectations from January 1st to May 16th as levels of satisfaction remain high amongst public sector clients.

Its top investments include the Ormonde offshore energy transmission project, Diabolo project and Building Schools for the Future portfolio.

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Favourable foreign exchange movements have offset a marginal net increase in government bond yields since the end of December.

With that in mind, the group is targeting a full-year 2013 dividend of 6.15p per share, up 2.5% from the previous year.

The company has delivered a total shareholder return of 79.9% since its initial public offering in November 2006.

A total of £46.5m of new capital has been raised from investors by means of tap issuance.

A further £40m was raised in January to support the near term pipeline of opportunities and an additional £6.5m was issued during April and May to satisfy demand for the company's shares that cannot be met through the secondary market.

The group had about £85m of cash available for investment at the end of the period.

"The company's portfolio continues to perform well and the company is confident that there continues to be a number of attractive infrastructure opportunities in the UK and in the overseas jurisdictions in which the advisor is represented and knowledgeable," IPP said.

RD