23rd Aug 2018 08:41
LONDON (Alliance News) - John Laing Group PLC on Thursday said its profit grew significantly in the first half of 2018, boosted by portfolio value growth and disposal gains.
The FTSE 250-listed infrastructure company said net asset value per share improved to 307 pence in the first six months of 2018 compared to 281p reported as at the end of 2017.
The stock was trading 2.8% higher early on Thursday at 301.40p per share.
During the first-half, John Laing shares were trading at an average discount rage to NAV of 8.7%.
The company lifted an interim dividend by 2.9% to 1.80p per share from 1.75p paid the year before.
John Laing said pretax profit multiplied in the first half to GBP174.3 million versus GBP36.6 million reported for the same period a year earlier, as its portfolio value jumped 18% to GBP1.26 billion.
The company reported a GBP241.5 million gain on disposal of the interest in Intercity Express Programme Phase 1 and Lambeth Social Housing projects. The company said it reinvested GBP39.2 million in MBTA Automated Fare Collection System and the A16 Road projects.
"We are pleased with our performance in the first half of 2018," said Chief Executive Olivier Brousse.
"The recent reorganisation around our three regions will ensure scalability of our growth and cost base while reinforcing local presence," Brousse continued. "We are confident about our business model and our future performance."
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