(Alliance News) - John Laing Group PLC on Thursday expressed confidence in its investment portfolio amid the Covid-19 pandemic as it confirmed the payment of its proposed 2019 final dividend and hired a new chief executive.
The FTSE 250 stock was trading 1.5% lower at 361.65 pence each on Thursday afternoon in London.
The infrastructure project investor said that, in the first quarter of 2020, only two of its 16 projects in its primary portfolio have experienced complete site closure, with both of these scheduled to reopen soon.
Its largest asset IEP East remains on track with 53 out of 65 trains having achieved qualified acceptance. Its secondary portfolio comprising of operating assets, as well as wind and solar projects, remain well-positioned.
As a whole, progress during the quarter has been modest due to lockdown restrictions and credit market movements; however John Laing said that none of its special purpose vehicles with short-term debt have any requirement to refinance in 2020.
John Laing said that its investment pipeline remains strong and it has continued to progress on its divestments programmes, including the disposals of Buckthorn Wind Farm and its French wind portfolio for just over GBP70 million total.
Looking ahead, the company said that for the first half of 2020, it expects only modest growth due to the Covid-19 outbreak. It added that it intends to pay its proposed 2019 final dividend of 7.66 pence.
As at the beginning of April, the company had liquidity of around GBP340 million.
Separately, John Laing said it has hired Ben Loomes as chief executive officer effective from Friday next week. Loomes will take over the leadership position from Olivier Brousse who will step down the day before to take up a new role at French waste, water and energy management firm Veolia Envrionnement SA.
Loomes has around 20 years of experience in the infrastructure sector, the company said. He was previously managing partner & head of infrastructure at infrastructure investment business InfraRed Capital Partners Ltd. He was also previously managing partner of 3i Group PLC's infrastructure business.
"I am delighted to announce we have appointed Ben as our new CEO. He brings strong leadership and business development capabilities, as well as a solid investment track record and extensive experience in the infrastructure sector," said John Laing Chair Will Samuel.
By Ife Taiwo; ifetaiwo@alliancenews.com
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