Listed on 12th February 2015.

Key facts

John Laing is an international originator, active investor and manager of infrastructure projects. Its business is focused on major transport, social and environmental infrastructure projects awarded under governmental public-private partnership (PPP) programmes, and renewable energy projects, across a range of international markets including the UK, Europe, Asia Pacific and North America.

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John Laing Group's Fundamentals (JLG)

James Carthew: John Laing diversifies overseas

RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2017

John Laing Group plc (John Laing or the Company or the Group) announces its unaudited results for the six months ended 30 June 2017.

Highlights

· Net asset value (NAV) of £1,040.4 million at 30 June 2017

- 2.3% increase since 31 December 2016

- 4.6% increase including dividend paid in May 2017

· NAV per share at 30 June 2017 of 284p (31 December 2016 - 277p)1

· £111.3 million in investment commitments (six months ended 30 June 2016 - £76.0 million)2

· Realisations of £151.3 million from the sale of investments in project companies (six months ended 30 June 2016 - £57.7 million)

· Profit before tax of £36.6 million (six months ended 30 June 2016 - £108.3 million) and earnings per share (EPS) of 10.2p (six months ended 30 June 2016 - 29.1p)3

· 7.4% increase in external Assets under Management to £1,582 million4 since 31 December 2016

· Interim dividend of 1.91p per share payable in October 2017 (six months ended 30 June 2016 - 1.85p per share)

· New Royal Adelaide Hospital operational; agreement reached on Manchester Waste

· Strong pipeline, including 11 shortlisted PPP positions

· 2017 guidance for investment commitments and realisations maintained



Olivier Brousse, John Laing's Chief Executive Officer, commented:

"It has been an active year so far and I am pleased to report growth in NAV, after taking into account the reduction in value on our two Manchester Waste investments. We have made good progress on investment commitments and disposals and are on track to achieve our full year guidance on both fronts. As regards our portfolio, the New Royal Adelaide Hospital reached a key milestone with its commercial acceptance by the Government of South Australia in June, and our team was instrumental in getting to this stage. Looking to the second half and beyond, our teams continue to bring forward a steady stream of new investments, while the asset management teams are actively managing projects through the construction phase. We continue to see strong opportunities for attractive growth in our business by scaling up our model in our three core regions: North America, Asia Pacific and Europe."

Notes:
(1) Calculated as NAV at 30 June 2017 of £1,040.4 million (31 December 2016 - £1,016.8 million) divided by number of shares in issue at 30 June 2017 of 366.96 million (31 December 2016 - 366.92 million)
(2) Based on new investment commitments secured in the six months ended 30 June 2017; for further details see the Primary Investment section of the Business Review
(3) Basic EPS; see note 7 to the Condensed Group Financial Statements
(4) Based on published portfolio values of JLIF and JLEN at 31 March 2017
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 webcast of the presentation and a conference call facility will be accessible using the details below.

Agreement reached on Manchester Waste

StockMarketWire.com
John Laing Infrastructure Fund's net asset value rose to £1,204.4m at the end of June - up 11.5% from 31 December.

It said this was primarily as a result of investments and the shareholder tap issue, which was accretive to NAV per share.

NAV per share stood at 121.6 pence (excluding the dividend of 3.48 pence paid in May), up 1.2% from 31 December.

The total shareholder return was 6.2% in the period.

The company has declared a dividend of 3.48 pence per share, payable in October - 2.0% increase on the corresponding period last year.

Chairman Paul Lester said: "I am pleased to report on a period of solid financial performance, with further progression of the dividend and distributions from the Portfolio remaining strong.

"We remain positive about the outlook for the Company."

StockMarketWire.com
John Laing has made a further renewable energy investment in US and increased its investment guidance.

John Laing said it was investing $85 million by acquiring from Akuo Energy the majority of the equity interests in the partnership which controlled the 149MW Rocksprings wind farm project.

The wind farm is located in Val Verde County, Texas, and benefits from power purchase agreements with two investment grade corporate off-takers.

John Laing said that as announced it its interim results on 24 Aug, investment commitments for 2017 to date were £159 million.

It said that taking into account the Rocksprings investment, commitments would increase to £222m, exceeding the guidance of approximately £200m for the full year.

Looking ahead to the remainder of 2017, it said that as previously announced John Laing's consortium was appointed preferred bidder in July for the Melbourne Metro PPP project.

It said: 'Assuming this project reaches financial close in late 2017 as currently anticipated, the group's investment commitments for 2017 will increase accordingly.'

It said that a further update would be given nearer the time.

Separately, it also issued an update further to the statement issued on 24 Aug which reported that legally-binding heads of terms had been entered into between the Greater Manchester Waste Authority (GMWDA), Manchester Waste VLCo (VLCo), and its shareholders, John Laing and Viridor.

It said the transactions contemplated under these heads of terms, including the acquisition of VLCo by the GMWDA, had now completed.

As part of the transactions, the project finance underlying the two Manchester Waste projects has been repaid.

It said the financial impact on John Laing remained as set out in the statement dated 24 Aug.

Sale of five UK investments and increased realisation levels for 2017

John Laing Group plc, the international originator, active investor and manager of infrastructure projects, announces that it has reached agreement to sell five UK investments to John Laing Infrastructure Fund (JLIF) and that it is increasing its realisation levels for 2017.
The investments being sold are:
· a further interest (9%) in the Intercity Express Programme Phase 1 (IEP Phase 1) project (resulting in each of John Laing Group and JLIF holding a 15% interest in the project);
· its 50% interest in the Lambeth Housing project;
· its interests in both the Coleshill Parkway (100%) and Aylesbury Vale Parkway (50%) projects; and
· its 5% interest in the City Greenwich Lewisham (DLR) project.
The combined consideration, which is in line with the most recent portfolio valuation, amounts to £104 million (before costs), of which £4 million will be deferred. Subject to the satisfaction of various conditions and consents, completion of each sale and purchase agreement is expected to take place by mid-November.
As a result of the above realisations, together with the realisations already completed as at 30 June 2017 of £151 million, the Group's realisations for 2017 to date will amount to £255 million. This is ahead of our previous guidance for 2017 as a whole for realisations of approximately £200 million.
Looking ahead, the Group currently has other realisation processes underway, some of which have the potential to reach completion before 31 December 2017. A further update on realisation levels for 2017 will be given as these progress.
Olivier Brousse, John Laing Group's Chief Executive Officer, said:
"We continue to see a strong pipeline of attractive investment opportunities for new infrastructure projects, particularly in North America and Australia. These disposals position us well to take advantage of some of these opportunities."

StockMarketWire.com
John Laing Group has announced that Cross Yarra Partnership has reached agreement with Melbourne Metro Rail Authority for the financial close of the tunnel and stations package as part of the metro tunnel project.

John Laing is joining Cross Yarra Partnership as an investor in the package alongside the other consortium members, Lendlease, John Holland, Bouygues Construction and Capella Capital. Cross Yarra Partnership was announced as the preferred tenderer for the A$6bn package in July.

The project company will deliver twin nine-kilometre tunnels and five new underground stations at North Melbourne (Arden), Parkville, State Library, Town Hall and Anzac, as part of the state of Victoria's biggest ever public transport project. In John Laing's pre-close update on 8 Dec the group said its investment commitments for 2017 to date were £340m, well ahead of the original guidance of approximately £200m.

It said the metro tunnel investment had increased commitments to £383m million.

It said no further investment commitments were expected in 2017.

Chief executive Olivier Brousse said: 'Melbourne's metro tunnel is a landmark project that will transform the Melbourne rail network.

'The Public Private Partnership set up with the State of Victoria will guarantee the delivery of this highly complex project.

'John Laing is delighted to be involved in such an important project alongside some of the best construction and development companies in the world that are Lendlease/Capella, John Holland and Bouygues Construction.'

Appears to be getting sold off on the back of Carillion. I guess.

Alot of this going on in this sector.

JLIF Sitting on support now.

Yes I'm taking a bit of a knock in this sector.

I really invested in JLIF for the income, so am not too worried about the daily share price movement. Always nice to see it rise, but so long as the divi is maintained at a good percentage, am not too worried.

I hold JLIF, JLG and HICL.

Further update regarding liquidation of Carillion plc

John Laing Infrastructure Fund Limited ('JLIF' or the 'Company'), the listed infrastructure investment company, notes recent commentary regarding the impact of the liquidation of Carillion plc ("Carillion").

JLIF refers to its announcement made on 16 January 2018 in respect of the compulsory liquidation of Carillion. John Laing Capital Management Ltd, the Company's Investment Adviser, continues to work on implementing its contingency plans to replace Carillion as Facilities Management ("FM") provider on the 9 JLIF projects and expects this to occur on similar terms to the existing contracts within the projects. The Investment Adviser anticipates that there will be minimal service disruption, however initially expects additional advisory and transaction costs in respect of the appointment of replacement facilities managers to cost approximately £3 million in aggregate.

JLIF reiterates that it has no projects currently in construction where Carillion is the contractor. JLIF owns one project where Carillion is still liable for any construction defects found on the project, with the construction period having completed over 10 years ago. JLIF reiterates that a recently completed routine defects survey has not highlighted any significant areas of concern.

The Investment Adviser believes that the compulsory liquidation of Carillion should have no material impact on the Company and no impact on the Company's dividend policy. The Company will continue to manage the situation as it develops and provide further updates as appropriate.

http://www.proactiveinvestors.co.uk/companies/news/190726/john-laing-to-take-3mln-to-replace-insolvent-carillion-as-facilities-manager-on-projects-190726.html

John Laing to take £3mln to replace insolvent Carillion as facilities manager on projects

I find it astonishing Carillion still hasn't sorted the defects on a job 10 years after completion. Industry norm is 1 year plus a bit of slippage. Which shows just how bad CLLN were.

See link above :-)

Interesting isn't it. £3m is neither here not there in terms of their profitability.

I still await what JLG will say about the costs on the Liverpool hospital.

Anyways it explains the selling on Friday. I made 0.4pts in the last hour on Friday once the selling stopped. Should have made more but got shaken out.

it will be interesting to see how far the share price will bounce or whether the sector is now completely unloved.

I'm fully loaded in construction/REITs so can't take any more but I perceive this as a good entry point.

Update on Liverpool hospital job.

After some research this morning I have found out that the subbie involved Crown House, who is part of Laing Construction has nothing to do with JLG as Laing Construction was bought by Laing O'Rourke many years ago.

I'd like to short Laing O'Rourke but can't as it's privately owned.

As well as being subcontractor to Carillion on the Liverpool job their troubles on that one are going to seem minor compared to the £47m claim from their subbies on the problem Canadian hospital job.

RESULTS FOR THE YEAR ENDED 31 DECEMBER 2017

John Laing Group plc (John Laing or the Company or the Group) announces its audited results for the year ended 31 December 2017.

Highlights

· 10.5% increase in Net Asset Value (NAV), from £1,016.8 million at 31 December 2016 to £1,123.9 million

· 13.5% increase in NAV including dividends paid in 2017

· NAV per share at 31 December 2017 of 306p (31 December 2016 - 277p)1

· New investment commitments of £382.9 million2 (2016 - £181.9 million), well ahead of guidance

· Realisations of £289.0 million from the sale of eight investments (2016 - £146.6 million), well ahead of guidance

· Profit before tax of £126.0 million compared to £192.1 million in 2016

· Earnings per share of 34.7p (2016 - 51.9p)

· 12% increase in external Assets under Management (AuM) from £1,472.3 million at 31 December 2016 to £1,648.5 million3 at 31 December 2017

· Cash yield from investment portfolio of £40.2 million (2016 - £34.8 million)

· Strong investment pipeline, including nine shortlisted PPP positions

· Final dividend of 8.70p per share in line with policy (including a special dividend of 4.88p per share), giving a total 2017 dividend of 10.61p (2016 - total dividend of 8.15p), an increase of 30.2% from 20164

· 1 for 3 rights issue announced on 8 March 2018

Olivier Brousse, John Laing's Chief Executive Officer, commented:

"2017 was a strong year for John Laing. We made record investment commitments, driven in large part by our success in our core Asia Pacific and North America markets. We continued to grow our pipeline, 95% of which is now made up of opportunities outside the UK, and to scale up our business. We are exclusively focused on investment in greenfield projects that meet our strict criteria, and our strategy remains to generate value for shareholders though growth in NAV and dividends."

Notes:

1. Calculated as NAV at 31 December 2017 of £1,123.9 million (31 December 2016 - £1,016.8 million) divided by number of shares in issue at 31 December 2017 of 366.96 million (31 December 2016 - 366.92 million).

2. Based on new investment commitments secured in the year ended 31 December 2017; for further details see the Primary Investment section of the Strategic Report.

3. External AuM based on published portfolio values of JLIF at 30 September 2017 and JLEN at 31 December 2017.

4. Before adjustment for the rights issue announced on 8 March 2018.

Rights Issue

Publication of a Prospectus

Announcement of Disposal

Sale of 15% shareholding in InterCity Express Programme (IEP) Phase 1 project

John Laing Group plc (John Laing or the Company), the international originator, active investor and manager of infrastructure projects, announces that, following the receipt of final bids earlier this week, it has agreed to sell its remaining 15% interest in the IEP Phase 1 project to a subsidiary of AXA SA, a worldwide leader in insurance and asset management.

The IEP Phase 1 project comprises a 27.5-year contract to design, manufacture, finance, deliver into daily service and maintain a fleet of 57 InterCity Express Trains and the construction and/or refurbishment of three associated depots for the Great Western main line in the UK. Hitachi Rail Europe is responsible for supplying the trains and ensuring they perform reliably on a daily basis.

The consideration, which is in excess of John Laing's most recent portfolio valuation as at 31 December 2017, is £227.5 million (net of costs) and will be satisfied in cash. The transaction is subject to customary anti-trust approval, and consents from the senior lenders to the project and completion is expected to take place in Q2 2018. John Laing intends to recycle the capital into future investment commitments, in line with the Company's self-funding model. As at 31 December 2017, the Group's pipeline of opportunities in PPP and renewable energy amounted to £2.15 billion, including nine shortlisted PPP bids due to close within 18 months and four exclusive renewable energy positions, together representing an investment opportunity of approximately £350 million.

On 8 March 2018, the Company announced its results for the year ended 31 December 2017 at the same time as a 1 for 3 rights issue. At the time, John Laing indicated that the sale of its 15% interest in IEP Phase 1 could be announced during the rights issue period. John Laing also gave guidance for divestments in 2018 to be broadly in line with guidance for investment commitments (before taking into account the rights issue) of approximately £250 million. This sale of its remaining 15% interest in IEP Phase 1 is consistent with that guidance for divestments.

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