Macquarie Atlas sees growth in US, France

Macquarie Atlas sees growth in US, France

Toll road group Macquarie Atlas Roads says it is well positioned to benefit from improving economic conditions in France and the US.

The company, which recently divested two of its six assets, said it is continuing to see traffic growth at its Autoroutes Paris-Rhin-Rhone (APRR) network in France and the Dulles Greenway in the US.

“Our primary focus remains on supporting organic growth within our existing portfolio assets, which are well positioned to benefit from further improvements in the underlying economic conditions in France and the US,” chairpersons Nora Scheinkestel and Mr Jeffrey Conyers told shareholders on Tuesday.

The company in February reported a full-year profit of $85 million, helped by toll revenue growth at APRR, in which it owns a 20.1 per cent stake, and at Dulles, in which it owns a 50 per cent stake.

Macquarie Atlas, which also owns road assets in the UK and Germany, in 2015 divested its stakes in the Indiana Toll Road and the Chicago Skyway for a combined $US120 million ($157.81m) in an effort to risk its portfolio.

Analysts have speculated that the toll road operator may be interested in using the proceeds to increase its stake in the Dulles Greenway.

The company remains open to consider acquisition opportunities both from within, or complementary to, its existing portfolio, its chairpersons said at the annual general meeting in Sydney.

Macquarie Atlas was spun out of the Macquarie Infrastructure Group in 2010 but is still managed by Macquarie.

It expects to distribute a full-year dividend of 18 cents per security in 2016, compared to 16 cents in 2015.