John Laing Group Trades In Line; Set To Achieve Long-Term Targets.
(Alliance News) - John Laing Group PLC on Friday said its annual outlook remains unchanged despite some challenges in Europe and Australia.
The investor and manager of infrastructure projects said it is on track to reach realisations of GBP1 billion between 2019 and 2021.
In the first half of 2019, John Laing said it sold its 50% stake in Optus Stadium, making it the first realisation of an operational asset in Australia.
In the US, the FTSE 250 company also sold its 95% holding in Rocksprings wind farm in Texas and 93% shareholding in sterling wind farm in New Mexico.
In the year-to-date, John Laing invested GBP7 million, but said it is in advanced negotiations on two investments for more than GBP130 million, which are expected to complete in the third quarter of 2019. For the next 18 months, the company said its pipeline includes investment opportunities of GBP340 million.
Turning to the company's existing portfolio, John Laing said it faced operational performance issues in Europe, while in Australia, it experienced transmission issues relating to marginal loss factors.
Marginal loss factor is the portion of energy that is lost when electricity is transmitted across the transmission and distribution networks, due to resistance.
Looking ahead, John Laing said it expects its net asset value as at December 31 to be broadly in line with management expectations on a constant currency basis.
The stock was trading 0.9% lower on Friday morning at 386.60 pence a share in London.
John Laing said it will publish its interim results on August 22.
By Evelina Grecenko; firstname.lastname@example.org
Copyright 2019 Alliance News Limited. All Rights Reserved.
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|Date:||Jun 28, 2019|
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