RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016
John Laing Group plc (John Laing or the Company or the Group) announces its audited results for the year ended 31 December 2016.
Highlights
· 14.3% increase in Net Asset Value (NAV), from £889.6 million at 31 December 2015 to £1,016.8 million
· NAV per share at 31 December 2016 of 277p (31 December 2015 - 242p)
· New investment commitments of £181.9 million (2015 - £180.5 million)
· Realisations of £146.61 million from the sale of investments
· Profit before tax of £192.1 million compared to £106.6 million (pro forma) in 20152
· Earnings per share of 51.9p (2015 - 27.6p pro forma)
· 30% increase in external Assets under Management (AuM) to £1,472 million3
· Cash yield from investment portfolio of £34.8 million (2015 - £38.9 million)
· Continuing international growth including the Group's first offshore wind farm investment and first renewable energy investment in the US
· Final dividend of 6.3p per share in line with policy (including a special dividend of 2.6p per share), giving a total 2016 dividend of 8.15p (2015 - total dividend of 6.9p)
Olivier Brousse, John Laing's Chief Executive Officer, commented:
"2016 has been another good year for John Laing with strong growth in NAV and dividends. Our origination platform is working well as shown by our increasingly diversified and growing pipeline of opportunities, while our portfolio of projects under construction is well balanced and actively managed by experienced teams, allowing us to deliver steady results. We are well organised and positioned to take advantage of future opportunities in order to continue to move our business forward while controlling our costs and our risks. "
Notes:
1. Realisations include £19.5 million in respect of British Transport Police and Oldham Housing transactions which counted towards guidance for 2015.
2. Profit before tax from continuing operations of £192.1 million (2015 - £100.9 million) and from discontinued operations of £nil (2015 - £5.7 million).
3. External AuM based on published portfolio values of JLIF and JLEN at 30 September 2016.
A presentation for analysts and investors will be held at 9:00am (London time) today at The Lincoln Centre, 18 Lincoln's Inn Fields, London WC2A 3ED. A conference call facility will also be available using the dial-in details below.
Conference call dial in details:
UK: 020 3059 8125
Other locations: +44 (0) 20 3059 8125
Participant password: John Laing Conference Call
Participant URL for live access to the on-line presentation:
http://www.investis-live.com/john-laing/58b6c29a146fbc10004bcf54/gfasdgdafg