International Public Partnerships posts strong profits after investment drive

26th Mar 2015 08:39

Infrastructure investment company International Public Partnerships reported a sharp increase profits on the back of strong investments during the year.Profits before tax rose 26.9% to £71.2m, driving earnings per share to rise from 7.82p to 9.49p.The group said its income from portfolio investments was £90.1m, an increase of 16.7% from the year before.The number of investments during the year drove the group's net asset value to grow 13.5% to £1.06bn.INPP said it is "well placed to avoid increasingly competitive secondary market acquisitions" by looking for off-market primary investments and by continuing to position the company as an early stage investor.Chairman Rupert Dorey said: "Selective investment remains at the core of the company's approach, particularly as competition across the sector continues to increase."The outlook for the sector across the markets in which we invest continues to be positive, and we remain confident in the group's differentiated offer and its ability to grow the company's portfolio and deliver returns for shareholders."Also on Thursday, INPP announced its Amber Consurtium has reached financial close on the third Priority School Building Programme, which will fund the development of five secondary schools and seven primary schools in the North West of England.The total expenditure of the programme is £123m and INPP will fund £8.4m.Shares were up 0.1% to 138.54p on Thursday at 08:40.