12th Sep 2016 06:43
LONDON (Alliance News) - John Laing Infrastructure Fund Ltd on Monday said its net asset value grew in the first half of the year, driven by acquisitions made in its portfolio.
The FTSE 250-listed firm, which invests in infrastructure projects, said its portfolio value at the end of June was GBP1.04 billion, compared to GBP867.8 million at the end of December. Its net asset value per share was 113.8 pence at June 30, up 5.0% over the course of the half from 108.4p on December 31.
The fund said it made a pretax profit of GBP72.3 million in the half year, up from GBP14.5 million a year prior, thanks to underlying growth in its portfolio of assets, exchange rate gains and profits made from disposals.
The fund made a total of GBP178.6 million in new investments in the half, including its first investments in the Spanish and US markets. It also sold its interests in the Newham Hospital and Barnsley Building Schools for the Future projects in the UK for GBP43.4 million, which contributed to the pretax profit growth.
The fund will pay a 3.41 pence per share interim dividend, up from 3.375p a year prior.
"I am pleased to report another period of good financial performance, supported by further international expansion and the divestment of two projects at a significant premium to holding value. We remain positive about the outlook for the company," said Chairman Paul Lester.
The fund said it anticipates a slowdown in activity post the Brexit vote in the UK, but does not expect this will last long given the continued "oversupply of capital seeking investment in UK infrastructure and limited supply of projects".
By Sam Unsted; [email protected]; @SamUAtAlliance
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