Interim dividends plus uplift in NAV per share contributed to total shareholder return of 9.0% in the six month period.
Aggregate quarterly dividends declared in first half of 3.62p per share (2013: 3.50p) and on track to achieve the 7.25p per share dividend target for the year to 31 March 2015. Target dividend guidance for the financial year to 31 March 2016 of 7.40p per share.
Value of the Group's investment portfolio as at 30 September 2014 of £1,639.1m1, up 9.2% from £1,500.6m at 31 March 2014.
Valuation growth of 9.2%, driven by accretive acquisitions, revaluation of certain investments including an investment the Group has contracted to sell, portfolio performance and a net positive impact from valuation assumptions.
Net asset value ("NAV") per share (post interim dividend) of 130.5p, up 7.4p (6.0%) from 123.1p at 31 March 2014.
Three new investments and three incremental stakes acquired during the period for £63.7m funded by £51m equity tap issue in June and drawings under the Group's revolving credit facility.
Four additional acquisitions of incremental stakes made since the period end for a combined consideration of £103.6m have resulted in a net funding requirement of £104m.
Continued strong interest in UK PPP/PFI infrastructure investment driving up valuations and making sourcing of similar UK investments more challenging.
Investment Adviser continues to pursue a disciplined acquisition strategy focused on using its network of industry contacts in the UK and internationally to source new investment opportunities.
