John Laing, the specialist investor in and manager of infrastructure assets, reports its financial results for the six months ended 30 June 2013.


Highlights

  • Continued growth in assets under management to £1,244.4 million (2012 - £1,102.1 million)
  • Profit before tax reported to the Board of £64.3 million (2012 - £5.4 million)
  • Growth in portfolio valuation to £651.2 million
  • IFRS profit before tax increased to £61.6 million (2012 – loss before tax of £5.3m)
  • Increased investment in renewable energy
  • Committed £6.6 million at financial close on Alder Hey children’s hospital project

 

Six months
ended 30 June 2013

Six months
ended 30 June 2012

IFRS profit before tax

£61.6m

£(5.3)m

Profit before tax reported to the Board

£64.3m

£5.4m

 

 

 

 

30 June 2013

31 December 2012

Assets under management 1

£1,244.4m

£1,102.1m

Portfolio valuation 1

£651.2m

£556.0m

Net assets

£378.4m

£315.3m

 

1. Assets under management comprise the sum of the Directors’ portfolio valuation (net of the market value of John Laing’s shareholding in the John Laing Infrastructure Fund (JLIF)), JLIF’s market capitalisation and Public Private Partnership (PPP) assets held by the John Laing Pension Fund (JLPF) as at the period end. The Directors’ portfolio valuation treats investments insubsidiary PPP project companies in the same way as investments in joint venture PPP project companies whereas, under IFRS, investmentsin subsidiary PPP project companies are treated differently to investments in joint venture PPP project companies. Under IFRS, investments insubsidiary PPP project companies are consolidated in the Group’s financial statements on a line-by-line basis in accordance with IAS 27.

Adrian Ewer, Chief Executive of John Laing plc, said: “We have made a good start to the year with investment commitments of £45 million to date and further investment is planned before the end of the year. Our approach continues to be to maintain flexibility in the face of varied andchanging market conditions.  Debt markets remain uncertain and we continue to address certain operational challenges within our existing portfolio; however the fundamental driver of our business, normally the increasing need for new infrastructure across a wide range of sectors, remains very strong.  Opportunities in new sectors, such as renewable energy, and in our chosen international PPP markets more than offset the reduced activity we are seeing in our traditional UK PPP activity."

Please click here to view the John Laing financial results for the six months ended 30 June 2013.