INPP sees NAV rise in first half

28th Aug 2014 10:02

British investment company International Public Partnership (INPP) saw its net asset value (NAV) grow 1.8% to £952.1m in the six months ended 30 June.The group's NAV per share increased from 123.0p to 124.8p, while a fully covered cash dividend of 3.15p per share was declared, up 2.5% on last year."I'm delighted to announce another sound financial performance during the half-year period, driven by underlying growth across the portfolio of over 100 assets," said group chairman Rupert Dorey."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." This compares to the 48.3% return on the FTSE All-Share index over that period."The increasingly competitive market backdrop has further underpinned the investment adviser's ability to source attractive off-market investment opportunities and make selective non-core disposals," Dorey said.INPP said its target dividend for 2014 financial year was 6.30p per share, increasing to 6.45p per share the following year.The group said it invested £20.1m in the first half of 2014, while it raised £18.8m by selling non-strategic assets. The completion of two overseas construction projects - Gold Coast Rapid Transit in Australia and the Federal German Ministry of Education and Research headquarters - have also been confirmed for next year, along with an investment of about £70m.The company said the outlook for the sector continued to be positive and it remained confident in the group's ability to capitalise on the growth opportunities currently available.INPP shares were up 0.07% to 135.00p at 09:47 on Thursday.DC