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International Public Partnerships is an Investment Trust

To provide shareholders with long-term, inflation-linked returns, by growing dividends and creating the potential for capital appreciation through high-quality public infrastructure projects internationally or located within core OECD countries.

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Interim Results

30 Aug 2012 07:00

RNS Number : 0497L
International Public Partnership Ld
30 August 2012
 



30 August 2012

 

INTERNATIONAL PUBLIC PARTNERSHIPS LIMITED

 

interim Results for the six months ended 30 june 2012 

 

Click on, or paste the following link into your web browser, to view the associated PDF document: http://www.rns-pdf.londonstockexchange.com/rns/0497L_-2012-8-29.pdf

International Public Partnerships Limited (INPP), the listed infrastructure investment company, which invests internationally in public infrastructure projects today announces interim results for the six months ended 30 June 2012.

 

Financial Highlights (as at 30 June 2012, unless otherwise stated)

 

·; Net Asset Value ('NAV') per share of 118.4p (116.9p as at 31 December 2011)

·; NAV growth to £838.8 million (£624.3 million as at 31 December 2011)

·; Profit before tax of £19.4 million (£11.4 million as at 30 June 2011)

·; Half year 2012 dividend of 3.0 pence per share with full year target dividend of 6.0 pence per share (up 2.6% from full year 2011)

·; £200 million (before issue costs) of new equity capital raised from shareholders (exceeding the initial target of £180 million)

·; Total Shareholder Return since IPO in November 2006 to 30 June 2012 of 54.2% compared to 11.5% on the FTSE AllShare over the same period1

Portfolio Performance

·; £8.7 million of additional investment made during the period (£39.8 million during the period ended 30 June 2011) most notably in existing Building Schools for the Future projects

·; Construction completion reached on the Company's largest asset by value, the Northern Diabolo Project in Belgium

Post Period-end Activity

·; Significant proportion of capital raise proceeds committed to new investments:

- £115.1 million investment in a further UK offshore electricity transmission (OFTO) project at Ormonde, the fourth OFTO project that INPP has closed under Ofgem's initial round of nine tenders

·; A further £23.9 million invested or committed on a contingent basis to Building Schools for the Future projects

·; INPP and its joint venturepartners, Transmission Capital, named preferred bidder on a fifth UK offshore transmission project off the coast of Lincolnshire

Outlook

·; Strong supply of investment opportunities, particularly through UK offshore transmission, Building Schools for the Future follow-on investments as well as promising international opportunities in Germany and Australia

·; Good prospects for further NAV growth as projects in construction move into operational phase, including recently completed Northern Diabolo, representing c. 14% of NAV

·; Infrastructure market continues to grow and to receive increased positive investor focus

 

Keith Dorrian, Chairman of International Public Partnerships Limited, commented: "We've been delighted by the support received from existing and new shareholders in helping the company exceed its ambitious capital raising target. It has further underlined the growing investor appetite for the Company and social infrastructure as an alternative asset class.

 

"The majority of the proceeds have already been deployed, underlining the Company's strong flow of attractive investment opportunities and combined with the continued government commitment for infrastructure investment across the geographic regions in which we operate, the outlook for the sector remains positive."

 

 

 

INPP will be holding an analyst and investor conference call at 8am (BST) today. The conference call facility will be available by dialling +44(0)20 7784 1036 and using the confirmation code 2233247.

 

A copy of the results presentation can be downloaded from the Company's website:

www.internationalpublicpartnerships.com

 

1 Bloomberg - share price appreciation plus income

 

Enquiries:

 

Amber Infrastructure

Erica Sibree

 

+44 (0)20 7939 0558

 

Numis Securities

Hugh Jonathan/Nick Westlake

 

+44 (0)20 7260 1263/1345

 

FTI Consulting

Ed Berry/Harry Stein

 

+44 (0)20 7269 7297/7141

 

Notes to Editors:

About International Public Partnerships (INPP):

 

International Public Partnerships (INPP) is a listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships (PPP), private finance initiative (PFI) and other similar procurement methods.

 

Listed in 2006, INPP is a long-term investor in 121 social and transport infrastructure projects, including schools, hospitals, courts, police headquarters, transport and renewable energy projects in the U.K., Europe, Australia and Canada. INPP seeks to provide its shareholders with both a long-term government-backed yield and capital growth through investment across both construction and operational phases of 25-40 year concessions.

 

Amber Infrastructure Group (Amber) is the Investment Advisor to INPP and consists of more than 65 dedicated infrastructure specialists which originate and source a strong pipeline of projects for INPP.

 

Visit the INPP website at www.internationalpublicpartnerships.com for more information.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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