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23 Feb, 2021 08:29

HICL Infrastructure on track to meet dividend target

HICL Infrastructure said on Tuesday it remained on track to deliver its targeted full-year dividend, despite the impact of the Covid-19 pandemic.

The London-listed infrastructure investment firm, which is managed by InfraRed Capital Partners, confirmed it still planned to pay a dividend of 8.25p per share for the year to 31 March 2021.

It also used the interim update to reiterate its dividend target for 2022, also for 8.25p per share.

Chairman Ian Russell said: "HICL’s well-diversified portfolio continues to demonstrate its resilience against an uncertain backdrop, with the impact of the pandemic restricted to the minority of assets exposed to user demand.

"The company remains robust, well-capitalised and appropriately positioned to pursue its strategy in the current market."

The FTSE 250 firm, which has a portfolio of 117 investments in the UK, mainland Europe and North America, said 72% of its assets benefited from long-term, availability-based PPP contracts, "which continue to perform as expected".

Investments include the A63 motorway in France, Northwest Parkway in the US and High Speed 1, the railway linking London to the Channel Tunnel.

Regulated assets, which represented 9% of the portfolio as at 30 September 2020, were performing in line with expectations, HICL said.

Russell added: "While the board is encouraged by the prospect of a degree of recovery from the pandemic over the course of 2021, the directors’ primary focus remains the active management of our assets, especially over the coming months."


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Important Legal Notice about News Sources

Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.