26 Aug 2010 07:00
26 August 2010
International public partnerships limited
Interim Results for the six months ended 30 June 2010
International Public Partnerships Limited (INPP), the listed infrastructure investment company, which invests in global public infrastructure projects developed under the public private partnerships (PPP) and private finance initiative (PFI) procurement methods, today announces interim results for the six months ended 30 June 2010.
Highlights
·; Net Asset Value (NAV) of £516.5 million as at 30 June 2010 (£420.2m - 31 December 2009)
·; NAV per share of 112.9p as at 30 June 2010 (112.1p - 31 December 2009)
·; Half year dividend of 2.85p per share (up 3%)
·; Completion of £89.3million capital raising in January 2010 - on track to be fully invested by the end of 2010
·; Three new investments made (UK and Germany) and further investment opportunities identified
·; Total shareholder return since inception of 35.8% (FTSE 250 -0.5%)
·; Outperformance of FTSE 250 by 2.5% and FTSE All Share by 10.4% in reporting period
Giles Frost, Director, International Public Partnerships Limited, commented:
"I am pleased to report another solid set of results for the company. The continued strong performance of the underlying assets in the portfolio combined with the attractive pipeline of new investments, indicates a positive future for the company. We believe that recent government spending cuts may offer more long-term opportunities for the company, which continues to be well positioned to offer investors stable returns which are uncorrelated with general economic conditions."
Keith Dorrian, Chairman, International Public Partnerships Limited, said:
"Despite the ongoing volatility in the general equity markets, INPP has yet again underlined its strong investment strategy and delivered a solid set of interim results. We remain enthusiastic about the long-term outlook for PPP/PFI investment both in the U.K. and overseas and the Board is pleased to continue its declared policy of incrementally increasing distributions paid to shareholders."
INPP will be holding a results briefing at 9:30am today at Financial Dynamics - Holborn Gate, London WC2A 1PB. For those investors and analysts that cannot attend in person, a conference call facility will also be available. The dial-in number for the call is +44 (0)20 7138 0822, and the confirmation code is 4221718.
A copy of the results presentation can be downloaded from the Company's website:
www.internationalpublicpartnerships.com
For further information:
Bianca Francis +44 (0)20 7939 0558
Amber Fund Management Limited
Hugh Jonathan/Nick Westlake +44 (0)20 7260 1263/1345
Numis Securities
Ed Gascoigne-Pees/Ed Berry +44 (0)20 7269 7132/7297 Financial Dynamics
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) and private finance initiative (PFI) procurement methods.
Listed in 2006, INPP is a long-term investor in 53 social and transport infrastructure projects, including schools, hospitals, courts and police headquarters in the UK, 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 50 dedicated infrastructure specialists which originate and source a strong pipeline of projects for INPP.
http://www.rns-pdf.londonstockexchange.com/rns/6594R_-2010-8-25.pdf
International Public Partnerships (INPP)