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25 May 2023

International Public Partnerships Limited, the listed infrastructure investment company ('INPP', or the 'Company'), which invests in public or social infrastructure assets and related businesses internationally, has today issued a portfolio update for the period 1 January 2023 – 24 May 2023.


  • The Company’s portfolio of 138 projects and businesses has continued to perform well during the period, delivering strong operational and financial performance.
  • Consistent with previous forecasts, a second half-year 2022 dividend of 3.87 pence per share was declared on 30 March 20231.
  • The Company reaffirms its future dividend targets of 7.93 and 8.13 pence per share for 2023 and 2024, respectively, representing a c.2.5%2 increase on the preceding distributions and in line with the growth target indicated at the time of INPP's IPO in 2006. These dividends are expected to be fully covered by net operating cash flows.
  • The Company published its second Sustainability Report in March 2023, providing enhanced ESG disclosures that will support its shareholders to meet their obligations under the EU Sustainable Finance Disclosure Regulation (‘SFDR’) and the recommendations of the Taskforce on Climate-related Financial Disclosures (‘TCFD’).
  • In April 2023, the Company increased the committed size of its corporate debt facility (‘CDF’) from £250 million to £350 million. In addition, the Company retains a flexible 'accordion' component which would, subject to lender approval, allow for a further increase in the committed size of the facility to £400 million. The maturity date of the CDF was also extended from March 2024 to June 2025. This ensures the Company has more than enough liquidity to meet its investment commitments which total c.£240 million across the transport, digital, offshore transmission, and social infrastructure sectors.
  • The Company has delivered a Total Shareholder Return3 since IPO in November 2006 to 24 May 2023 of 206.3% or 7.0% on an annualised basis.


  • The Company’s investment portfolio valuation is determined semi-annually by the Directors after advice from the Investment Adviser, and is reviewed by the Company’s auditors. This semi-annual valuation is published within the Company’s interim and annual accounts, the last of which was published with the Company’s full-year results ending 31 December 2022 on 30 March 2023. This reported that as at 31 December 2022, the net asset value (‘NAV’) per share was 159.1 pence.
  • Since 31 December 2022, the Company has observed a strengthening of Sterling against the currencies it is exposed to, including the Australian Dollar, Canadian Dollar, Danish Krone, Euro, and US Dollar. Other things being equal, this would have a minor negative impact (less than 0.5%) on the Company's NAV.
  • The majority of jurisdictions the Company is invested in are experiencing higher-than-anticipated inflation rates. Given the portfolio's high (0.7%4) level of inflation linkage, these higher inflation rates would, other things being equal, have a positive impact on the Company’s NAV.
  • The Company observes that the relevant government bond yields have increased modestly since the publication of the 31 December 2022 NAV, although it notes that historically discount rates have not moved in lockstep with government bond yields. The Company continues to see strong demand for well-structured infrastructure assets.


  • Since 1 January 2023, the Company has made new investments totalling c.£0.7 million and investment commitments of £13.7 million;
    • In March 2023, the Company acquired a further 20% investment in the Ealing Building Schools for the Future (‘BSF’) scheme for c.£0.7 million, increasing its holding to 100%. This BSF scheme provides education facilities to over 1,400 pupils.
    • In May 2023, the Company made a further £13.7 million commitment to toob, alongside other co-investors in the Amber-advised National Digital Infrastructure Fund (‘NDIF’). The business has a current fibre network covering c.140,000 premises across Southampton and other towns in the South of England. INPP’s commitment is part of a wider £300 million of additional funding raised by the business, which will enable the business to reach over 300,000 premises. INPP’s investment will be made during the course of 2024. Other things being equal, it is estimated that the Company’s exposure to digital investments will continue to represent less than 3% of the portfolio by fair value.
  • In addition, the Company has previously noted its commitment to acquire a c.NZD 200 million portfolio of five investments in New Zealand and this acquisition is expected to reach financial close shortly. This acquisition will mark the Company’s first investment into New Zealand and the underlying investments are high-quality, operational infrastructure assets, delivering long-term stable cash flows with strong linkage to inflation.


  • Along with its infrastructure sector peers and the broader listed investment trust world, the Company’s share price has not been immune to market volatility, as financial markets respond to various political and economic headwinds. The Board notes that this is one of only a few occasions in the Company’s 16-year history in which the Company’s shares have traded at a discount to NAV but continues to actively monitor the share price and discount carefully.
  • Despite these challenges the Company’s underlying portfolio of essential infrastructure investments has proven its resilience due to: the predictability of the underlying cash flows which are typically underpinned by regulated or contracted government-backed revenues, with high levels of inflation correlation; and the Company’s active approach to asset management.
  • Whilst lower volumes of transactions are taking place across the market, the Company continues to see attractive investment opportunities within the countries where it invests.
  • The Company's investment portfolio continues to generate cash flows underpinned by robust inflation-linkage (a 1.0% increase in assumed inflation rates across all assets is projected to result in a 0.7% increase in portfolio returns4). The Company is therefore well positioned in the event the current higher rates of inflation persist.
  • Governments continue to acknowledge the key role infrastructure plays in helping to achieve economic growth, improved productivity, decarbonisation targets and resilience to the effects of climate change.

Notes to Editors:

While it is no longer a requirement under the Disclosure Guidance and Transparency Rules for the Company to issue Interim Management Statements, the Board believes it is in the interest of shareholders for the Company to provide quarterly updates in addition to its half year reports.

  1. The forecast date for payment of the H2 2022 dividend is 7 June 2023.
  2. Future profit projection and dividends cannot be guaranteed. Projections are based on current estimates and may vary in future.
  3. Source: Bloomberg. Share price appreciation plus dividends assumed to be reinvested.
  4. Calculated by running a ‘plus 1.0%’ inflation sensitivity for each investment and solving each investment’s discount rate to return the original valuation. The inflation-linked return is the increase in the portfolio weighted average discount rate.
For further information:
Erica Sibree

T: +44 (0) 7557 676 499

Amber Fund Management Limited
Hugh Jonathan

T: +44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop

T: +44 (0)20 3727 1046/1039
FTI Consulting

About International Public Partnerships:

INPP is a listed infrastructure investment company that invests in global public infrastructure projects and businesses, which meets societal and environmental needs, both now, and into the future.

INPP is a responsible, long-term investor in 138 infrastructure projects and businesses. The portfolio consists of utility and transmission, transport, education, health, justice and digital infrastructure projects and businesses, in the UK, Europe, Australia, New Zealand and North America. INPP seeks to provide its shareholders with both a long-term yield and capital growth.

Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and consists of over 170 staff who are responsible for the management of, advice on and origination of infrastructure investments.

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