(Alliance News) - HICL Infrastructure PLC on Wednesday said it was able to maintain its net asset value despite headwinds from Covid-19 restrictions and the increase in UK corporation tax.
The trust ended March 31 with a net asset value per share of 152.30 pence, unchanged from the same point the year before.
Chair Ian Russell said: "The resilient performance over the year has highlighted the value of HICL's investment proposition. A diversified portfolio of core infrastructure assets generating good quality, predictable cash flows provides the platform to deliver long-term yield for our shareholders."
HICL declared a total dividend of 8.25p for financial 2021, unchanged on the year before and is targeting the same dividend for financial 2022 and 2023.
HICL's investment portfolio was valued at GBP3.01 billion at the end of the period, up from GBP2.89 billion the year before.
The trust's investment, Harry Seekings from InfraRed Capital Partners, added: "The value of HICL's portfolio diversification has again been demonstrated over the last twelve months. In a challenging operating environment, robust portfolio performance has offset the impact of both significant macroeconomic changes and Covid-related mobility restrictions. InfraRed's active asset management approach has delivered tangible results by working closely with public sector clients to ensure that essential public infrastructure assets are responsibly managed and remain available for the communities they serve."
"With a strong balance sheet, HICL continues to be well-placed for growth in the current market, with a pipeline of attractive core infrastructure opportunities, across sectors, developed via InfraRed's global investment management platform," Seekings added.
Shares in HICL Infrastructure were 0.6% higher in London on Wednesday morning at 171.00p each.
By Paul McGowan; paulmcgowan@alliancenews.com;
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HICL Infrastructure (HICL)