Final Results

RNS Number : 8561J

International Public Partnership Ld

08 April 2010

 



8 April 2010

INTERNATIONAL PUBLIC PARTNERSHIPS LIMITED

INPP RESULTS UPDATE

International Public Partnerships Limited ("INPP" or the "Company") today announces its 2009 full year results. Highlights include:

·     IFRS profit for the year of £11.4m

·     Total distribution of 5.55 pence per share for FY09 as anticipated

·     Distribution covered entirely by operating cash flow

·     Continued strong asset performance

·     NAV increase of 0.3p per share from 30 June 2009 to 31 December 2009

·     Robust financial position for future opportunities

·     New investment adviser in place; Change of Company name; Appointment of Mr. John Whittle as fourth independent director to INPP Board

Financial Highlights	2009	2008
Profit before tax	£11.4m	£12.2 m
Net Asset Value at 31 December	£420.2m	£431.8m
Net Asset Value per share at 31 December	112.1 pence	115.2 pence
Share Price at 31st December	114.20 pence	78.5 pence
Net Asset Value per share movement over period to 31 December	-2.69%	4.63%
IFRS net assets per balance sheet at 31 December	£331.2m	£305.1m

Keith Dorrian, Chairman said:

"2009 was another successful period for INPP. The resolution of the uncertainty surrounding the future of the Investment Advisor in the first half of the year ensured the long-term foundations of the business and we are very pleased with the smooth transition of responsibilities and the performance of the new Investment Advisor, Amber Infrastructure."

"The performance of the portfolio remains consistent and continues to perform in line with expectations. This performance ensured we were able to meet our distribution target, as well as increase the targeted distribution for the third consecutive year and we have provided guidance of 5.70 pence per share for 2010."

"In November the Company launched a further capital raising which we completed in January of this year. This had the effect of boosting the Company's overall cash balance to around £58m. The Company has no debt although it retains access to a £100m credit facility. The Company is in a strong financial position to progress further investment opportunities and continues to review a significant number of these in the UK, Australia, Canada and Europe. As indicated at the time of the capital raising, we anticipate having invested the additional capital by the end of the year."

"The current robust performance of the portfolio, together with the strong financial position of the Company and the number of investment opportunities we are reviewing, indicate to me the potential for another successful year ahead for the Company."

Click on, or paste the following link into your web browser, to view the associated PDF 
document.

http://www.rns-pdf.londonstockexchange.com/rns/8561J_-2010-4-7.pdf 

For further information:

Bianca Francis                                                         

Amber Fund Management Limited                                

[phone]

[e-mail]

Nick Westlake

Numis Securities Limited      

[phone]

[e-mail]

 

END

 

 

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