(Alliance News) - International Public Partnerships Ltd on Thursday outlined its "strong" cash position and added that its net asset value climbed 10% in 2019.
The investor said it will delay the publication of its annual results, following guidance from the UK Financial Conduct Authority for firms to delay by at least two weeks. On Thursday, the FCA said public companies will be allowed an extra two months to get out their full-year reports, meaning they do not have to be published within four months of their financial year and will have six months instead.
During what was a "good" 2019, International Public Partnership's net asset value rose 10% to GBP2.4 billion from GBP2.2 billion. Per share, it was 1.7% higher at 150.6 pence from 148.1p.
Shares in the company were down 1.5% at 153.59p each in London on Thursday morning.
The firm said it achieved a total NAV return of 6.3%, in line with expectations and will declare a second half dividend in line with its target.
International Public Partnerships added: "The company is in a strong position with a GBP400 million revolving debt facility (maturing in July 2021)."
Of this, only about GBP9.5 million is currently being used, the company noted.
"The Covid-19 pandemic has, to date, had no material impact on the company's cashflow from its investment portfolio. However, the company notes that the Covid-19 pandemic is unprecedented and its full impact on the company over time cannot be ascertained at this time," it said.
By Eric Cunha; ericcunha@alliancenews.com
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International Public Partnerships (INPP)