(Alliance News) - John Laing Group PLC on Tuesday said it saw strong investment momentum in the first quarter and is set to deliver underlying net asset value growth in-line with expectations.
The FTSE 250-listed infrastructure investor said total net asset value as at 31 March "showed a small increase" compared to 31 December last year.
Underlying NAV increased during the first quarter, John Laing Group said, driven largely by the PPP & Projects segment which benefited from good progress on the delivery of a number of key projects, the company said.
The underlying performance of the Renewable Energy generation portfolio continued "to be stable" with few changes in power price forecasts.
John Laing Group managed to clear already its full-year guidance for 2021 investment commitments, which was set at GBP100 million, which is now sitting at around GBP107 million.
John Laing Group said: "We have a good investment pipeline for the remainder of 2021, including three preferred and short-listed bidder positions in greenfield PPP projects, with an aggregate equity value in excess of GBP100 million. These are: North-East Link in Australia, ViA15 in the Netherlands and Georgia Express Lanes in the US.
"In addition to these opportunities, we are pursuing in 2021 a number of investment opportunities including several acquisitions of additional interests in greenfield PPP projects, as well as in adjacent greenfield projects and mid-market economic infrastructure businesses in energy transition, digital infrastructure, transport and specialised accommodation."
Following these successes, the company said its 2021 special dividend is "well underpinned", saying that the special dividend calculation is now standing at around GBP460 million.
Chief Executive Ben Loomes said: "The outlook for infrastructure investment is strong. Governments in each of our key markets are looking for infrastructure investment to stimulate economic growth and to modernise their economies, and John Laing is well positioned as a partner with a strong balance sheet, and a proven and long-term track record in developing greenfield infrastructure.
"We continue to be confident in the outlook and are on track to deliver underlying NAV growth in 2021, in-line with our expectations."
John Laing Group shares were down 0.8% at 315.20 pence each in London on Wednesday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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