(Alliance News) -Â John Laing Group PLC on Thursday reported a fall in net assets over 2020, with a challenging first half giving way to an improved second half performance.
The infrastructure investor's net assets as at December 31 stood at GBP1.53 billion, down 7.8% from GBP1.66 billion the same date a year ago.
"While our PPP portfolio consistently demonstrated its resilience throughout the year, we faced challenges in our Renewable Energy portfolio, both from certain asset-specific issues, most notably in relation to our solar and biomass projects, as well as adverse external factors, particularly lower power prices which the pandemic served to compound," said John Laing.
Net asset value per share, before dividends paid in the year, amounted to 320p at the end of 2020, down 7.8% from 347p a year ago. This did, however, mark an improvement on the 317p as at June 30, 2020, however.
John Laing said it is confident in returning to underlying NAV growth in 2021.
"We enter 2021 in a much stronger position, and in a structurally favourable market for infrastructure investment. We are seeing increased levels of activity and this is reflected both in our growing investment pipeline, as well as in the level of interest in acquiring a number of our secondary assets. I am confident in the outlook, and excited to be leading a business that makes a real difference to society on the next stage of its growth and evolution," said Chief Executive Ben Loomes.
The company's total dividend for 2020 is 9.70 pence per share, up 2.1% on 2019's 9.50p.
Shares in John Laing were up 0.6% at 319.40p in London on Thursday.
By Lucy Heming;Â lucyheming@alliancenews.com
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