(Alliance News) - John Laing Group PLC on Tuesday expressed confidence going forward after reporting mixed performance in 2019.
The London-headquartered infrastructure investment company said net asset value as at the end of 2019 stood at 337 pence, up 4.3% from 323p on the same day a year prior. John Laing said its portfolio value grew by 8.7% year-on-year to GBP1.77 billion.
Pretax profit dropped, however, to GBP100 million form GBP296 million the year before due to renewable energy write downs in 2019 and exceptional gain on InterCity Express programme phase 1 in 2018.
John Laing declared a final dividend of 7.66p per share - which includes a spacial payout of 3.98p - taking the total distribution for 2019 to 9.5p, unchanged year-on-year.
"As a new decade begins, the drivers for new infrastructure remain as strong as ever, with climate change and the increasing role of big data providing added impetus," said Chief Executive Olivier Brousse.
"We enter 2020 confident in our ability to continue to generate value from our existing portfolio, to make the most of attractive secondary markets and to convert a growing and rapidly evolving pipeline, supported by substantial financial resources and partner relationships," added Brousse.
John Laing Group's FTSE 250-listed shares were trading 3.9% higher in London on Tuesday at 355.20p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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