John Laing Infrastructure makes decent first half progress

31st Aug 2018 09:16

(Sharecast News) - John Laing Infrastructure Fund issued its interim results for the six months ended 30 June on Friday, reporting a 4.3% improvement in its net asset value from from the start of the period to £1.29bn.The FTSE 250 firm said that was primarily the result of investments, a decrease in the weighted average discount rate used to value forecast portfolio cash flows, and value enhancements.Its net asset value per share was 130p, up from 124.6p on 31 December.Total shareholder return from launch to 30 June was now 75.0%, or 7.7% on an annualised compound basis.John Laing Infrastructure's portfolio value was £1.45bn at period end, up from £1.38bn on 31 December, with the board reporting underlying portfolio growth of 5.1% - 1.5, or £20.6m, ahead of expectations.Profit before tax for the six-month period was £89m, well ahead of the £34.7m reported a year ago.Investments for the period stood at £9.5m.John Laing Infrastructure paid a dividend of 3.57p per share in May - a 2.5% increase on the dividend paid in October - and on Friday declared a dividend of 3.57p per share for the six months to 30 June, payable in September."The performance of JLIF since IPO reflects the hard work and commitment by the advisory team at John Laing Capital Management and, as a board, we would like to thank them for all their contributions, collectively and individually," said chairman David MacLellan,"Finally, I would like to thank my fellow directors for their unfailing advice and support over the period since I assumed the chairmanship of JLIF and believe we can take satisfaction and some pride in what we have all achieved for our shareholders."