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09 September 2021




  • Solid continued performance from the Company’s investment portfolio
  • The portfolio has continued to perform in line with expectations, enabling a 2.7% half-year dividend increase to 3.78 pence per share[i], and confidence in the portfolio’s future operational performance allows the Board to reconfirm its full-year dividend targets for 2021 and 2022 at 7.55 pence per share and 7.74 pence per share, respectively[ii]
  • The Company invested a total of £22.3 million into the social accommodation and digital infrastructure sectors further diversifying the portfolio
  • The Company’s investment case and the attractiveness of the portfolio was reaffirmed in successfully raising £135 million of new capital, exceeding the Board’s £100 million target, in July 2021
  • The impact of the UK corporation tax increase announced earlier in 2021, the strength of Sterling against other currencies and the period’s interim dividend payment contributed to a 1.4% decrease in NAV per share to 145.1 pence per share (31 December 2020: 147.1 pence)
  • During the period, the portfolio experienced limited further disruption from the pandemic, however the Company has maintained its precautionary approach to the valuation of certain specific risks in the portfolio
  • Over the period, the Company began adopting the recommendations of the Taskforce for Climate-related Financial Disclosures (‘TCFD’) and aligning its investment approval processes with the objectives of the Paris Agreement
  • The Company’s revolving credit facility was renewed for the next three years with a £250 million committed facility and a £150 million accordion tranche. The facility was £56 million drawn at the period end but this was subsequently paid down using the proceeds from the July 2021 capital raise. The facility remains available for re-drawing


  • Interim dividend increase of 2.7% to 3.78 pence per share (30 June 2020: 3.68 pence per share)[iv]
  • Total shareholder return (‘TSR’) of 231.4% since IPO, equivalent to an annualised TSR of 8.5%[v]
  • NAV per share of 145.1 pence (31 December 2020: 147.1 pence)
  • IFRS profit before tax of £27.2 million (30 June 2020: £35.4 million)[vi]
  • Portfolio inflation-linkage of 0.75% (31 December 2020: 0.78%)[vii]
  • Interim cash dividend cover of 1.3x[viii]

Mike Gerrard, Chairman of International Public Partnerships, said: “I am pleased to report another period of resilient operational and financial performance by the Company. INPP’s portfolio continues to meet our expectations and provide reliable income to our shareholders and valuable essential services to the local communities in which our assets operate. The Board remains confident in the portfolio’s operational and financial resilience and its future ability to generate highly visible cash flows which underpins the Company’s investment case.”


The Company’s £22.3 million of new cash investments included:

  • toob, UK: In July 2017, the Company agreed to invest up to £45 million in UK digital infrastructure alongside the UK Government, through the National Digital Infrastructure Fund (‘NDIF’). During the period an additional c.£14.2 million was approved for investment into toob, one of NDIF's existing investments. toob is a UK full fibre broadband provider delivering broadband to homes, businesses, public service and community groups in the South of England. The Company’s commitment to digital infrastructure will help to transition the UK to full-fibre broadband at a time when reliance on digital connectivity increases
  • Offenbach Police Centre, Germany: The Company invested £8.1 million for a 45% shareholding of the new police headquarters project in South-East Hesse in Offenbach, Germany. The centre provides the Hesse State Police with modern working facilities powered by low-carbon energy
  • Beatrice OFTO, UK: Post-period end, in July 2021, the Company invested c.£50 million in the portfolio’s eighth offshore transmission (‘OFTO’) which links to the 588 MW Beatrice offshore wind farm, Scotland’s largest offshore wind farm. The Beatrice OFTO will transmit green electricity equivalent to around 450,000 UK homes, increasing the number of homes that are powered via the Company’s OFTO portfolio to c.1.8 million homes


Responsible investment is a core component of the Company’s ability to deliver essential public services, maintain relationships with its clients and local communities, and preserve and grow the long-term value of each investment. The references to SDGs below refer to the contribution of each mentioned asset to defined UN Sustainable Development Goals

Transport | SDG 8, 9 & 11: Decent work and economic growth; industry innovation and infrastructure; sustainable cities and communities

  • Diabolo Rail Link, Belgium: The majority of the revenues generated by Diabolo Rail Link (‘Diabolo’) are linked to passenger use of the rail link to Brussels Airport or Belgium’s national rail network, the concession for which runs until 2047. As previously disclosed, the Company committed a further €24 million to Diabolo in December 2020. €10 million was invested at that time and a further contingent commitment of €14 million available to protect Diabolo’s liquidity position and ensure its debt covenants continue to be met. The latest passenger traffic forecast report assumes a more gradual return to pre-covid passenger numbers but continues to indicate that the remaining €14 million commitment should be sufficient. Whilst the cash flows have been updated to reflect the latest passenger forecast, the Company’s valuation of Diabolo has not materially changed over the period (excluding the impact of the change in foreign exchange rates)
  • BeNEX, Germany: BeNEX continued to see significant reduction in passenger volumes as a result of Covid-19, but the impact on the asset has been limited with compensation received form the Federal Government and/or Federal States for the vast majority of disruption caused. During the six months to 30 June 2021, two concessions were re-won further reducing the risk profile of the business
  • Angel Trains, UK: Angel Trains (‘Angel’) currently generates the majority of its revenues from the contractual leasing of its rolling stock to train operating companies and therefore its revenues have continued to be largely unaffected by Covid-19. Earlier in September, the Company announced that it had entered into an agreement to acquire an additional interest in Angel, taking its overall shareholding to 10%. Since making its original acquisition in 2008, Angel has been a successful investment for the Company, delivering both capital growth and strong yield

As a low carbon-form of transport, the Company’s rail investments collectively amount to more than 151 million annual passenger journeys and over 825 million annual train kilometres travelled[ix].

Gas distribution | SDG 8, 9 & 11: Decent work and economic growth; industry innovation and infrastructure; sustainable cities and communities

  • Cadent, UK: As previously announced, Cadent exercised its right to appeal Ofgem’s final determination for the next five-year regulatory period to the CMA. The CMA’s provisional findings announced post-period end are expected to, other things being equal, have a modestly positive impact on the Company’s valuation of Cadent as reported at 30 June 2021. The Company will await the CMA’s final decision expected in October 2021. Cadent connects over 11 million homes and businesses to gas with a maximum energy throughput of 5.7 million GJ/day. Cadent’s HyDeploy project is a pioneering pilot of hydrogen as a greener domestic fuel

Wastewater | SDG 6, 8, 9 & 11: clean water and sanitation; decent work and economic growth; industry innovation and infrastructure; sustainable cities and communities

  • Tideway, UK: despite the ongoing challenges posed by Covid-19 on the construction works undertaken by Tideway, the project is now 68% complete. In August 2021, Tideway published a thorough review of the remaining activities to completion, which confirmed the appropriateness of the existing schedule dates and only a minor cost increase of c.1% on the previously announced cost estimate of £4.1 billion, which has no material financial impact on investors.

When operational, Tideway will divert over 37 million cubic metres of sewage discharges, create three acres of new public spaces, and employ over 2,200 full-time equivalent employees.

Energy transmission | SDG 7: Affordable and clean energy

Approximately 1.8 million homes are powered by renewable energy transmission via the Company’s OFTO holdings, with a total transmission capacity of 2.1 GW including the Company’s eighth OFTO which reached financial close in July .

Social infrastructure | SDG 3, 4, 8 & 16: good health and wellbeing; quality education; decent work and economic growth; peace, justice and strong institutions

Availability-based private-public partnerships (‘PPP’) projects account for c.33% of the Company’s portfolio by investment fair value and for those assets measured by availability and performance, the availability rate was 99.7%, outperforming the Company’s target. The Company’s public sector clients commissioned and funded over 464 contract variations, resulting in a combined value of £9.3 million.

The Company’s portfolio provides essential facilities to over 195,000 pupils, 540,000 healthcare patients and 13 police stations and judicial buildings.


The Company has identified an attractive near-term pipeline of investments in the social infrastructure, regulated utilities, transport and other essential infrastructure sectors. We remain confident in the ability of our Investment Adviser to continue to source and develop high-quality projects which can deliver long-term, predictable cash flows for shareholders, and strong inflation-linkage to meet the Company’s risk-return profile.

A copy of the results presentation can be downloaded here.

For further information:

Amber Fund Management Limited

Erica Sibree / Amy Edwards

+44 (0)20 7939 0558 / 0587


FTI Consulting

Ed Berry / Mitch Barltrop

+44 (0) 20 3727 1046 / 1039

Numis Securities

Hugh Jonathan 

+44 (0)20 7260 1263

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 over 130 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 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 150 staff who are responsible for the management of, advice on and origination of infrastructure investments.

Important Information


This announcement contains information that is inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014.

This announcement is an advertisement. It does not constitute a prospectus relating to the Company and does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company in any jurisdiction nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract therefor.

Forward-looking statements are subject to risks and uncertainties and accordingly the Company's actual future financial results and operational performance may differ materially from the results and performance expressed in, or implied by, the statements. These forward-looking statements speak only as at the date of this announcement. The Company, Amber and Numis Securities expressly disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Prospectus Rules of the Financial Conduct Authority or other applicable laws, regulations or rules.

End notes

[i] The forecast date for payment of the dividend relating to the six months to 30 June 2021 is 17 November 2021.

[ii] There can be no assurance that these targets will be met or that the Company will make any distributions at all. Whilst we generally have good forward-visibility of cash flows generated by the Company’s investments, the current Covid-19 pandemic creates additional uncertainty.

[iii] For the six months ended 30 June 2021 unless otherwise stated.

[iv] Cash dividend payments to investors are paid from net operating cash flow before non-recurring operating costs.

[v] Since inception in November 2006. Source: Bloomberg. Share price appreciation plus dividends assumed to be reinvested.

[vi] IFRS profit before tax of £27.2 million (30 June 2020: £35.4 million). The reduction compared to the prior corresponding period reflects a decrease in the valuation of the portfolio overall, primarily as a result of macroeconomic changes in the period.

[vii] The Company’s underlying revenues continue to be underpinned by strong inflation-linkage with a projected increase in return of 0.75% p.a. for a 1.00% p.a. increase in inflation (31 December 2020: 0.78% p.a.).

[viii] Cash dividend payments to investors are paid from net operating cash flow before capital activity.

[ix] Data reflects 2020 performance.




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