- Listed Infrastructure company HICL reiterated its dividend target as performance since April through July met expectations despite muted acquisition activity.

HICL said its well-diversified portfolio of 118 investments continued to 'demonstrate its resilience,' as the company reiterated the target dividend guidance of 8.25p per share for the current financial year and 8.45p per share for the following year.

Performance of HICL's demand-based assets had been 'good,' with traffic on the toll roads once again ahead of expectations, the company said.

Its draft determination on Affinity Water's business plan, published in July, addressed many of the regulator's concerns, but the company conceded that elements of the feedback represented 'significant challenges for the company and constructive negotiations continue.'

The company said, however, analysis of the latest draft determination on Affinity Water's business plan and the impact of the prevailing negative political environment on valuations of private sector investments in UK regulated assets were likely to lead to a reduction in the company's valuation of its investment in Affinity Water at 30 September 2019.

'Although acquisition activity has been relatively muted in the period since 1 April 2019, the Company has completed the Blankenburg Connection PPP acquisition and the pipeline remains active,' HICL said.

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