John Laing (JLG); 1H18 results; NAV/share increases 9.3% h/h, FY investment guidance maintained

Published on 23-08-2018 08:08:13
Author Sparks Team

JLG announced 1H18 results, whereby NAV/share increased 9.3% h/h (+11.7%, including dividends in May) to 307p and portfolio value increased 18.2% h/h to £1,259.7m.

The 1H highlights included the rights issue that was 97% taken up by shareholders, proceeds of £241.5m from disposal of investments in two PPP projects and investment commitments of £39.2m to two PPP projects. JLG has maintained its full-year guidance for investment commitments and realisations. The company also noted a strong pipeline of £2.3bn (including 12 shortlisted PPPs – about £325m). Profit before tax rose to £174.3m (1H17 – £36.6m) and EPS increased to 38.8p (1H17 – 9.4p). Interim dividend was at 1.80p/share (1H17 – 1.75p).

Olivier Brousse, CEO, commented: “Our pipeline should continue to drive our investment growth, whilst the quality of our secondary portfolio and the dynamism of the market for operational assets should continue to fund that growth.”

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