John Laing Infrastructure Fund's net asset value rose to £1,022.2 million inthe six months to the enc of June, up 15.7%, primarily as a result of acquisitions and unrealised exchange rate movements and the shareholder tap issue which was accretive to NAV.
NAV per share was 113.8 pence, up 5.0% from 31 December.
- Portfolio Value of £1,038.1 million at 30 June 2016 versus £867.8 million as at 31 December 2015
- Underlying growth of 3.95% on a rebased Portfolio Value of £998.7 million, 0.4% or £3.6 million ahead of the level of growth that would be expected from the unwind of the discount rate (adjusted for the timing of acquisitions, disposals and distributions)
- 12.6% total shareholder return in the period (4.3% FTSE All-Share)
- Profit before tax for the six-month period of £72.3 million (30 June 2015 - £14.5 million) driven primarily by underlying portfolio growth, positive unrealised exchange rate movements, a reduction in discount rates and profits from disposals
- In June 2016, sold JLIF's entire interests in the Newham Hospital and Barnsley BSF projects to Equitix for a combined consideration of £43.4 million, an uplift on the carrying value of the investments as at 31 March 2016 of approximately 36%
- New investments of £178.6 million, including first investments in Spain and the USA
- Declaring a dividend of 3.41 pence per share relating to the six-months to 30 June 2016, payable in October 2016
Chairman Paul Lester said: "I am pleased to report another period of good financial performance, supported by further international expansion and the divestment of two projects at a significant premium to holding value. We remain positive about the outlook for the company."