HICL reports an almost doubling of half-yearly profits to £132m

Joseph Millis
Haverstock School, in Camden – Ed Miliband’s alma mater, is part of HICL’s UK portfolio
HICL Infrastructure yesterday reported that its first-half pre-tax profit rose to £132m from last year’s £71.4m.

Profit after tax improved to £131.9m from £71.3m in the prior year.

HICL, which has Ed Miliband’s old school Haverstock in its portfolio, said the prior year results had been restated to reflect the early adoption of accounting standard IFRS 10, the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. Income for the period was £142.3m, higher than last year’s £82.1m.

Graham Picken, the board chairman, said: “Despite higher prices in the market, [we are] committed to ensuring that new acquisitions do not dilute our target returns; all investments made in the period have satisfied this require­ment.

“[If] UK secondary market prices rise to levels which do not deliver our tar­get returns, we are still able to assess the acquisition of new assets overseas.”