- Infrastructure group HICL Infrastructure said that its dividend would remain flat for the next two fiscal years following an increase in corporate tax.

The company also met its target dividend of 8.25 pence for the year, and said it would maintained its dividend at 8.25 pence for next two fiscal years.

The UK corporation tax is set to rise to 25% from 19% from 1 April 2023.

The update was delivered alongside annual that showed profit more than trebled its annual profit thanks to an improved portfolio performance.

For the year ended 31 March 2021, pre-tax profit rose to £152.1 million from £50 million as income jumped to £188.7 million from £86.7 million.

Net asset value per share was flat at 152.3 pence year-on-year, with a net asset value total return up 5.5% from 1.9% for the year.

The rise in total returns reflected the 'continued strong operating performance of the diversified portfolio,' the company said.

The valuation of the portfolio at 31 March 2021 was £3,011.9 million, up from £2,888.5 million.

At 8:06am: [LON:HICL] Hicl Infrastructure PLC share price was 0p at 175.6p

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