John Laing Infrastrucure Fund boosted as value and profits rise
THE VALUE of FTSE 250-listed John Laing Infrastructure Fund’s (JLIF) portfolio rose by nearly five per cent in the first half of 2014, as pre-tax profits also rose and the company signalled it would continue its policy of making careful targeted acquisitions ahead.
JLIF saw underlying growth of 4.95 per cent in the value of its portfolio to reach £805.2m in the six months to 30 June this year, as pre-tax profits also rose to £27.3m, up from £22.1m in the first six months of last year.
JLIF focuses on the secondary infrastructure market, particularly with the public sector, with the first half acquisition of increased stakes in street lighting projects in London and a social housing programme in Manchester highlighted.
JLIF also said with UK market prices rising on high demand, it would continue its strict pricing discipline for acquisitions, putting long-term value ahead of fast growth.
Paul Lester, chairman of JLIF, said: “As we continue to develop our existing portfolio, I am pleased to report that the existing projects are performing strongly and we have been able to deliver several value enhancements in the period.”
He continued: “We also continue to develop our pipeline of potential acquisitions, while maintaining a disciplined approach to further investment, as our priority remains on ensuring long term sustainable returns.”