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International Public Partnerships Ltd on Thursday reported a rise in assets over the first half, owing to its portfolio's inflation-linked cash flows.
At the end of June 30, the London-based infrastructure investor's net asset value per share stood at 157.3 pence, rising 6.1% from 148.2p at the end of 2021.
‘The increases were driven by, among other things, the portfolio's inflation-linkage, the successful capital raise and the revaluation of the company's investment in [Thames] Tideway during the period,’ the firm explained.
International Public Partnerships upped its stake in the Thames Tideway, London's 'super sewer', to about 18%. The firm noted it remains a ‘key investment’.
It upped its interim dividend to 3.87p from 3.78p the year prior.
International Public Partnerships added: ‘The company's active asset management approach of its investment adviser has ensured all the portfolio's investment performance objectives were met during the period, including asset availability of 99.8% achieved against a target of over 98%.
‘Strong ongoing asset performance continues to create long-term value for both investors and the local communities which our assets serve.’
In the first six months of 2022, its pretax profit jumped to £219.2 million from £27.2 million. Total investment income rose to £240.2 million from £40.7 million.
Looking ahead, Chair Mike Gerrard said: ‘The outlook for infrastructure investment remains strong, and I am pleased to observe continued positive macro fundamentals that support the company's portfolio. Whilst the company continues to manage and mitigate risk, the portfolio has further demonstrated its resilience in the current macroeconomic environment.’
International Public Partnerships shares were 2.1% higher at 167.30 pence each on Thursday morning in London.
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