John Laing reports sharp jump in first-half 2016 profits

John Laing Group reiterated its full-year 2016 targets for investment commitments and realisations, with the firm's management sounding a confident note regarding its ability to successfully navigate the macroeconomic waters, Brexit included.

The infrastructure investment group reported a 8.3% increase in net asset value for the six-month stretch running through to 30 June, to reach £963.7m, which boosted its NAV per share rose from 242p to 263p.

A total of £76.0m in investment commitments were undertaken during the reference period, versus £72.1m in the comparable period of 2015.

Realisations from the sale of investments in project companies ran at a £57.7m pace.

External assets under management jumped by 12.5% to £1,277.5m.

Profits before tax were also stronger, more than tripling to hit £108.3m, while the cash yield from its investment portfolio increased 61% to £18.3m.

The group declared an interim dividend of 1.85p payable in October 2016.