Intl Public Partnerships posts solid 2013 NAV growth

27th Mar 2014 09:14

International Public Partnerships moved higher on Thursday morning after the group posted solid net asset value (NAV) growth for the full-year ended December 31st. The NAV climbed 8.6% to £935.4m from £861.0m a year earlier, equal to 123p per share from 121p at the end of 2012. The group reported that the performance of its underlying assets was "very strong", with the quality and resilience of portfolio further improved through new acquisitionsThe full-year dividend was increased 2.5% to 6.15p a share. Chairman Rupert Dorey said: "I am delighted to announce another strong financial performance during the full year period, driven by underlying growth across the portfolio of 122 assets."We have continued to deliver attractive returns for our shareholders and the ongoing government commitment to infrastructure investment in the UK and other jurisdictions is plain to see. "The company's ability to support an increased dividend for the sixth successive year underlines the Investment Advisor's differentiated investment approach and the improving quality and resilience of the portfolio. "We view the outlook for the sector as promising and remain confident in the group's robust growth prospects."The group anticipates strong deal-flow in 2014, and said it had "vigorous" support from both investors and governments for private investment in infrastructure, giving it confidence in its predicted future returns. The company also said the strength of the current market had been demonstrated by the post period-end sale of minority interests in certain assets generating £18.8m, which 52% in excess of the acquisition prices paid in 2011. NR