International Public Partnerships says that over 2023 its NAV fell by 4.1% to 152.6p [like BBGI, it doesn’t say what the NAV total return was, it was 1.0%, and while there is room to say that the share price correlation with the All-Share is just 0.4, there wasn’t room to say that the return to shareholders was -4.0%, that the discount at the year end was 10.0%, or that the discount now is over 20%!!].

The dividend rose by 5% to 8.13p (this was covered 1.1x) and the target for 2024 is 3% growth to 8.37p, thereafter the board is targeting 2.5% dividend growth. This is underpinned by forecast cash flows from the existing portfolio.

The debt facility has been paid off, helped by the cash it freed up from its OFTO portfolio earlier in the year.

New investments included a PPP portfolio in New Zealand, a 20% stake in Ealing Building Schools for the Future, and a commitment to buy the Moray East OFTO.

INPP : International Public Partnerships results light on crucial detail