John Laing set to finish year as expected
International originator, active investor and manager of infrastructure projects, John Laing Group, posted a pre-close update for the year to 31 December on Friday.
Financial Services
14,031.82
14:34 19/04/24
FTSE 250
19,326.52
14:35 19/04/24
FTSE 350
4,315.08
14:35 19/04/24
FTSE All-Share
4,271.18
14:35 19/04/24
John Laing Group
402.60p
17:04 21/09/21
The FTSE 250 firm said primary Investment activity remained strong in each of its three geographical regions of Asia Pacific, North America and Europe - including the UK.
Total investment commitments to date were £181m, in line with guidance for 2016, while total realisations agreed to date in 2016 were £255m.
Looking ahead, John Laing said net asset value at 31 December 2016 was projected to be in the range of management expectations, assuming constant exchange rates and no change in the IAS19 pension deficit as at 30 November.
Its board expected the special dividend for 2016 to be based on the three completed realisations totalling £56.4m, the A55 transaction expected to complete shortly for £28.3m, and the M6 Hungary transaction expected to complete in Q1 2017 for around £22.5m, giving a total of approximately £107m against its guidance of approximately £100m.
The pipeline of new investment opportunities remained strong in both PPP and renewable energy, it said, across all regions.
John Laing is currently part of nine shortlisted PPP bids due to reach financial close in 2017 or 2018, including five in North America, and it was continuing to assess opportunities in infrastructure sectors closely linked to its existing PPP and renewable energy sectors.
“It has been a busy year so far for John Laing and we are in line with our guidance for 2016,” said chief executive Olivier Brousse.
“Throughout the year, we have continued to focus on our core business of greenfield infrastructure, including investments in new projects, active management of our existing portfolio and realisation of several mature assets as we anticipate future opportunities.
“We are well positioned to take advantage of a growing number of new infrastructure projects in the US, Canada, Australia, New Zealand and Europe.”