HICL's full-year profits rise on portfolio growth

21st May 2014 08:01

- Pre-tax profit rises- Total income increases- Portfolio performs well- Dividend liftedHICL Infrastructure Company's full-year profit increased on the strong performance of the firm's portfolio of investments.Pre-tax profit in the year to end of March 2014 came to £153.8m, up from £93.1m the previous year. Total income rose to £169.3m from £112.7m a year earlier and earnings per share climbed to 13.1p from 10.4p.The company's portfolio consisted of 93 social and transportation infrastructure projects, compared to 79 last year. The return generated from the portfolio, after rebasing for new investments, disposal and distributions, was 9.5%, an increase from the prior year's 8.9%.HICL made 16 new investments and six incremental acquisitions during the year for £239.2m, including a £5.1m commitment for future loan note subscriptions. "I am pleased to report a strong set of results, a consequence of successful, accretive acquisitions made over the last two years," said Chairman Graham Picken. "The group's portfolio is performing well, with strong cash generation, which has enabled the company to meet its dividend target for the year of 7.1p per share with good cash cover."The dividend of 7.10p per share, compared to the previous year's 7p, as HICL declared a second interim dividend of 3.6p. Picken said the company is confident of achieving a total dividend of 7.25p for the year to March 31st 2015.RD