JLG.L Share News (JLG)

(Sharecast News) - John Laing said it would cut about 15% of its workforce to save £6m a year as the infrastructure investor targets higher returns under new boss Ben Loomes.
The FTSE 250 company employs about 150 people, indicating about 20 jobs will go. Most of the cuts will be in Europe where John Laing has sold assets.

The FTSE 250 group said it would centralise management of its portfolio and capital. Savings will be invested in growth initiatives including building a "core-plus" investment team concentrating on the UK and western Europe.

The company said it also saw plenty of opportunities in its main markets of North America and Australia with governments investing in infrastructure projects around the world.

John Laing said it would develop extra capabilities, embed environmental and social priorities in its business and strengthen its funding model. It will seek to manage third-party funds alongside its own balance sheet.

The company said the strategy, to be set out to investors later on Wednesday, would achieve returns of 9-12% a year over the medium term.

The strategy update is the first under Chief Executive Ben Loomes who joined in May. He was previously managing partner at infrastructure investor InfraRed Capital Partners.

Loomes said: "Through broadening our investment platform into adjacent areas in infrastructure, improving the efficiency of our operating model, and diversifying our sources of funding, while remaining focused on investing in infrastructure that respond to public needs, we will be able to deliver attractive and more sustainable shareholder returns."