30th Jun 2016 06:57
LONDON (Alliance News) - Infrastructure investor and manager John Laing Group PLC on Thursday maintained its guidance for its full year, noting that there was "significant potential" across the infrastructure markets in which it operates and said its well-diversified portfolio meant it was protected against the outcome of the UK referendum on European Union membership.
John Laing said it has made total investment commitments of GBP76.0 million in the first half of 2016 so far, and maintained its full year guidance at GBP180.5 million, in line with 2015. It has made GBP57.7 million in realisations in the year to date, the company said, and is on track to hit its target of around GBP100.0 million, excluding the GBP19.5 million transaction agreed in February.
John Laing said there were strong levels of bidding activity in each of its core markets of Europe, North America and Asia Pacific, and said it remained well-positioned for future growth. The company said there was a strong pipeline of new investment opportunities within the public private partnerships sector, renewable energy, as well as other closely-linked infrastructure sectors.
John Laing said the market for disposal of secondary infrastructure investments remains strong.
"I am pleased with the progress we have made year to date and see significant future growth potential across the infrastructure markets where we operate. We note the outcome of the UK's EU referendum, but we are an increasingly international business with a well-diversified portfolio and are working on attractive opportunities in each of our three geographical markets: Europe (including the UK), North America and Asia Pacific. Our focus is on increasing the value of our existing portfolio and continuing to invest in and manage the development of new greenfield infrastructure assets," said Chief Executive Oliver Brousse.
Elsewhere, John Laing Environmental Assets Group Ltd said it has purchased Dungavel Wind Farm, in South Lanarkshire in Scotland from John Laing Group for GBP38.8 million. John Laing Environmental said it funded the purchase through a draw-down on its GBP65.0 million revolving credit facility, and brings the total capacity of its renewable energy assets portfolio to 155 megawatts.
John Laing Environmental noted that it does not expect any material change to its operating resulting from the UK vote to leave the EU.
By Hannah Boland; [email protected]; @Hannaheboland
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