(Alliance News) - John Laing Group PLC on Thursday said it remains on track to deliver on its annual expectations despite a fall in first half profit amid challenges in Europe and Australia.
The infrastructure company said pretax profit for the six months to the end of June declined to GBP35 million from GBP175 million a year earlier due to a sharp fall in operating income to GBP76 million from GBP213 million.
Net asset value stood at GBP1.60 billion, or 325 pence per share, as at June 30 versus GBP1.59 billion, or 323p, as at the end of December 2018.
Portfolio value at the end of June stood at GBP1.54 billion, up 3.5% on the rebased portfolio value at the end of December 2018.
The FTSE 250-listed company is paying an interim dividend of 1.84p a share, up from 1.80p a year ago.
"Our operational performance in the first half was strong, however we have had a number of challenges with our renewable energy assets in Australia and Europe. We delivered value enhancements across the portfolio, but predominantly in renewable energy, which has helped to mitigate the impact of these challenges," said Chief Executive Olivier Brousse.
"We remain confident in delivering our full year expectations, underpinned by the value inherent in our existing portfolio and further penetration of our targeted markets," added Brousse.
John Laing shares were trading 6.5% lower on Thursday in London at 356.00 pence each.
