Financial Highlights (as at 31 December 2014 unless otherwise stated)
Net Asset Value ('NAV') growth of 3.3% to 127.0 pence per share (31 December 2013: 123.0 pence per share)
Full year 2014 fully covered cash dividend declared, up c.2.5% to 6.30 pence per share (31 December 2013: 6.15 pence per share)
Minimum target dividend for 2015 financial year of 6.45 pence per share and 2016 of 6.65 pence per share, an average increase of c.2.5% or greater in each period
IFRS profit before tax of £71.2 million (31 December 2013: £56.1 million)
Total Shareholder Return since listing in 2006 of 98.5%, compared to 47.7% on the FTSE All Share over that same period
Portfolio Performance
Record £188.2 million of investments made during the full year while divestments in non-strategic assets totalled £22.3 million, which was in excess of the carrying value at the time of disposal
Oversubscribed equity capital raising of £95.0 million (before issue costs) from new and existing investors underlining strong investor appetite and healthy pipeline
Increased majority owned assets to 84.8% (31 December 2013: 79.4%)
Post period end activity:
- Further c.£26.7 million investment committed through the Priority Schools Buildings Programme "aggregator" funding vehicle
- Strategic partnership agreed between Investment Adviser and Hunt Companies, Inc, providing an experienced and well-established partner with strong links to the public sector in the United States, one of the largest growth markets for infrastructure investment.
