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.
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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.