(Sharecast News) - Infrastructure company John Laing said on Wednesday that its net asset value had grown in the third quarter driven by the performance of its public-private partnership portfolio.
John Laing posted a 2% rise in net asset value to 314.0p, or 4% when excluding the impact of movements in foreign exchange and its pension balance.
At the end of the quarter, the FTSE 250-listed firm said its PPP portfolio value was £1.26bn, representing 78% of its total portfolio value when adjusting for the completion of the first stage of its IEP East divestment and the agreed sale of its Australian wind portfolio in October, with 85% of the portfolio value comprised of availability-based revenue projects.
Looking forward, John Laing said its "good performance" in the third quarter had underpinned the outlook for underlying NAV growth in the second half of year, stating it continues to expect "modest underlying NAV growth" for the second half.
Chief executive Ben Loomes said: "I am pleased to report another resilient performance from our PPP portfolio in the third quarter, with continued good project delivery.
"The prospects for infrastructure investment globally are strong and I am confident that our proven expertise in greenfield project development and strong network of partner relationships position us well to capitalise on future opportunities."
As of 0850 GMT, John Laing shares were down 1.34% at 279.20p.
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