John Laing Environmental Assets Gets Slight Boost From New Assets

LONDON (Alliance News) - John Laing Environmental Assets Group Ltd on Thursday said its net asset ...

Alliance News 22 November, 2018 | 1:26PM
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LONDON (Alliance News) - John Laing Environmental Assets Group Ltd on Thursday said its net asset value increased marginally in the first half of its financial year due to asset acquisitions and further investments during the period.

The environmental infrastructure project investor's net asset value stood at 100.4 pence per share as at September 30, representing a 0.8% improvement over its March 31 net asset value of 99.6p per share.

John Laing's portfolio value during the period rose to GBP488.9 million from GBP429.5 million, largely as a result of GBP59.8 million worth of acquisitions and investments. This was responsible for the bulk of the investor's net asset value increase.

The company acquired three anaerobic digestion assets and committed to a further investment in its existing portfolio assets for total capital deployment of GBP62.6 million.

John Laing declared interim dividend of 1.6275 pence per share, bringing the total dividend for the six month period to 3.255p per share for the period. This puts the firm on track for its 6.51p per share target for its financial 2019 year, up from 6.31p the year before.

Total power generation for the period was 334 gigawatt hours, 4.2% below what was expected due to very low wind speeds from May to August.

Low wind speeds are expected in the summer. Allowing for these, the wind portfolio was in line with expectations.

"Following the recent over-subscribed fundraising that closed after the period end, the company is now in an excellent position," said John Laing Chairman Richard Morse.

Morse said that this financing, and its associated repayment of the firm's credit facility, will likely prove helpful as John Laing pursues larger scale investment in energy-from-waste and biomass projects.

Shares in John Laing EA were down 0.3% at 105.65p on Thursday.

By Anna Farley; annafarley@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
John Laing Environmental Assets Ord 113.20 GBX -0.26 -
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