John Laing Infrastructure Fund´s profits hit by currency headwinds
John Laing Infrastructure Partners registered a slight drop in its net asset value at the half-year stage but management waxed optimistic on the opportunities for growth and diversification which were now available to the company.
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John Laing Infrastructure Fund Ltd
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08:07 28/09/18
In the six months ending on 30 June the company´s net asset value dropped 1.4% to 10.7.8p per share, mainly due to negative exchange rate movements.
Underlying portfolio growth was 3.92% to reach £872.m.
Profit before tax for the six-month period fell sharply, from £26.4m to £14.5m, driven by unrealised negative exchange rate movements - to the tune of £10.1m - and actual inflation being below the long term rate used in the valuation of the Portfolio.
The company declared a dividend of 3.375p which would be payable in October.
Looking ahead, management said the secondary market for infrastructure projects was expanding, with opportunities increasingly visible in Continental Europe while it would continue to keep an eye on the US.