INPP Notes Tideway's Operational Update
INPP NOTES TIDEWAY'S OPERATIONAL UPDATE
24 August 2020
International Public Partnerships Limited, the FTSE 250 listed infrastructure investment company ("INPP" or the "Company"), notes the update that Tideway has issued this morning. INPP had previously indicated that the Covid-19 pandemic and associated government guidance was likely to have an impact on the overall cost and schedule of the Tideway project.
Tideway has now published its assessment of the impact of Covid-19 and has indicated a £233 million impact on cost and a nine month impact on schedule. This translates into the estimated project cost increasing to £4.133 billion and the completion date now forecast to occur during the first half of 2025.
Tideway has also indicated that it is in discussions with Ofwat on a package of measures that would mitigate the financial impact of COVID-19 on the Company. Progress is being made in these discussions and full agreement is expected to be reached in the coming months.
The Company will continue to keep this situation under review although, in keeping with its cautious approach, has already factored this impact assessment into its forecasts. Further details will be provided when the Company reports its financial performance for the six months to 30 June 2020 on 10 September 2020.
ENDS.
For further information:
Erica Sibree/Amy Joslin +44 (0)20 7939 0558/0587
Amber Fund Management Limited
Hugh Jonathan +44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0) 20 3727 1046/1039
FTI Consulting
About International Public Partnerships (INPP):
INPP is a listed infrastructure investment company that invests in global public infrastructure projects and businesses, which meets societal and environmental needs, both now, and into the future.
INPP is a responsible, long-term investor in 130 infrastructure projects and businesses. The portfolio consists of utility and transmission, transport, education, health, justice and digital infrastructure projects and businesses, in the UK, Europe, Australia and North America. INPP seeks to provide its shareholders with both a long-term yield and capital growth.
Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and consists of 130 staff who are responsible for the management of, advice on and origination of infrastructure investments.
Visit the INPP website at www.internationalpublicpartnerships.com for more information.
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