International PPL grows NAV and profit in first half

The FTSE 250 firm posted a NAV per share over the same period of 138.2 pence, up 6.1%.

It declared a half year fully covered cash dividend of 3.325 pence per share, up from 3.225 pence a year ago, with its minimum target dividend for the 2016 financial year set at 6.65 pence per share and 2017 at 6.82 pence per share, an average annual increase of 2.5%.

IFRS profit before tax was £109.6m, up from £38.4m.

The company reported a total shareholder return since listing in 2006 of 139.2%, compared to 55.6% on the FTSE All Share over the same period.

Following what the board called “robust portfolio growth”, new investments and a “significantly oversubscribed” £125m capital raise in July 2016, it posted a 36% increase in market capitalisation to £1.5bn over the first half of last year.

“Predictable, growing returns continue to characterise our financial performance as the company delivers further value growth over the first half of 2016,” said chairman Rupert Dorey.

“The significantly oversubscribed capital raise following the half year end demonstrates the continued demand and underlying value of our portfolio and the pipeline assets in which we are well-positioned to invest.

“The UK and global infrastructure market continues to provide diversified investment opportunities as we maintain our focus on the early phases of governments' procurement processes where we are a proven participant in the structuring and risk management of pipeline projects,” he added.

Dorey explained that the company remains confident in the pipeline of both PFI/PPP and regulated assets, and said it will continue to deploy its “tried and tested” approach to active asset management of the existing portfolio.

“With this, we look forward to maintaining our commitment to delivering durable, low-risk and inflation-linked returns to our shareholders.”