International PPL interim dividends rise as NAV grows

8th Sep 2022 08:12

(Sharecast News) - Infrastructure investor International Public Partnerships said on Thursday that shareholder returns had increased in the six months ended 30 June despite an "uncertain" macroeconomic backdrop.

International Public Partnerships declared an interim dividend of 3.87p per share, up 2.5% year-on-year, as the group's net asset value rose 18.9% to £3.0bn over the period.

The FTSE 250-listed firm said the increases were driven by, among other things, its portfolio's inflation linkage, its successful capital raise, and the revaluation of the group's investment in Tideway during the period.

INPP also reconfirmed its full-year dividend targets for 2022 and 2023 at 7.74p per share and 7.93p per share, respectively, after the company achieved cash dividend cover in the period of 1.2x.

The company highlighted that the "active asset management approach" of its investment adviser ensured that all of the portfolio's investment performance objectives were met during the period, including asset availability of 99.8%.

Chairman Mike Gerrard said: "I am pleased to report another successful six-month period for the company, characterised by strong financial and operational performance.

"The quality of the portfolio's inflation-linkage cash flows and their positive impact on the company's NAV demonstrates the resilience of our investment case against a volatile economic backdrop."

As of 0810 BST, INPP shares were up 2.60% at 168.05p.

Reporting by Iain Gilbert at Sharecast.com