International Public Partnerships Limited (INPP), the UK-based listed infrastructure investment company which invests internationally in public infrastructure projects, on Friday announced half year results for the six months ended 30 June 2014.
INPP posted a robust Net Asset Value (NAV) growth of 1.8% to £952.1 million. The firm had a £35.9 million profit before tax (30 June 2013: £29.8 million).
The company said that total shareholder return since listing in 2006 is 91.1%, compared to 48.3% on the FTSE All Share over that same period.
Regarding its portfolio performance, the firm continued positive performance of underlying assets, generating 5.5% portfolio return during the six month period. INPP has invested £20.1 million during the half year and agreed divestments of £18.8 million in non-strategic assets.
INPP has also committed c.£70 million investments, including the INPP consortium's selection as preferred bidder to fund five batches of schools delivered through the Priority Schools Building Programme.
The firm said that it reached construction completion of two overseas construction projects: Gold Coast Rapid Transit, Australia and the Federal German Ministry of Education and Research headquarters.
INPP sees a promising outlook underlined by significant pipeline of investment opportunities in new infrastructure assets, particularly in the education and offshore transmission assets. INPP also plans to avoid the "highly competitive secondary market acquisitions."
Rupert Dorey, Chairman of International Public Partnerships Limited, commented:
"I am delighted to announce another sound financial performance during the half year period, driven by underlying growth across the portfolio of over 100 assets.
"We have continued to provide investors with a healthy dividend, taking our total shareholder return to 91.1% since the Company's listing in 2006.
"The increasingly competitive market backdrop has further underpinned the Investment Advisor's ability to source attractive off-market investment opportunities and make selective non-core disposals. The outlook for the sector continues to be positive and we remain confident in the group's ability to capitalise on the growth opportunities available."