Babcock director takes a stake

Rupert Dorey, a director at Babcock and Brown Public Partnerships has taken a big stake in the infrastructure investor, the day after it reported an increase in annual pre-tax profit.

He bought 113,630 shares at 91.1p a time, or a total of just over £100,000. He previously had no shares in the firm..

The company said yesterday that it would change its name to International Public Partnerships Limited, subject to BBPP shareholder approval.

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Pre-tax profit rose to £12.2m in the year ended 31 December 2008 from £11.3m the year before. Net Asset Value at 31 December was £431.8m up from £330.4m previously. Revenue for the period rose to £224.9m from £131.2m before.

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