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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Financial Calendar

Recent Broker notes

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Recent Market news

John Laing Group's Fundamentals (JLG)

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.

more.....

StockMarketWire.com
John Laing Infrastructure Fund reported a net asset value (NAV) of £1,234.8m for 2017, up from £1,080.6m, representing a NAV per share of 124.6 pence and NAV total return of 9.5%.

The fund declared a dividend of 3.57p per share for the six months to 31 December 2017, up 2.5%, taking the total dividend for the year to 6.96p per share paid in 2017, up 5.6% on the closing share price at 31 December 2017 of 123.2 pence.

The portfolio value grew 13.3% to £1,379.3m and underlying portfolio growth was 9.11%, ahead of growth arising from discount rate unwind.

The group said it plans to put forward a proposal to shareholders in May to move tax domicile to the UK and become UK Investment Trust.

The firm's profit before tax for the year ended 31 December 2017 was £99m, down from £160.4m, generating earnings per share of 10.2p, well below the 18.1p the previous year. A number of transitory factors had boosted pre-tax profit in 2016.

The firm said that while UK projects will remain a core component of its portfolio, the immediate future focus would shift to overseas markets such as North America and Continental Europe.

Commenting on today's results, David MacLellan, Chairman of JLIF, said: 'Despite a somewhat challenging background for its asset class, JLIF continued to make steady progress during 2017, generating strong portfolio yields and underlying portfolio growth. During 2018, the Company and its Investment Adviser will continue to focus on protecting and enhancing the portfolio as well as selectively seeking new investment opportunities in line with the Company's strategy.'

Results of Rights Issue

The Company today announces that as at 11.00 a.m. on 23 March 2018 (being the latest time and date for receipt of valid acceptances), it had received valid acceptances in respect of 118,693,628 Rights Issue Shares, representing approximately 97.03 per cent. of the total number of Rights Issue Shares offered pursuant to the 1 for 3 rights issue announced by the Company on 8 March 2018 (the "Rights Issue").

It is expected that dealings in the Rights Issue Shares, fully paid, will commence on the London Stock Exchange's main market for listed securities from 8.00 a.m. on 26 March 2018.

It is also expected that the Rights Issue Shares held in uncertificated form will be credited to CREST accounts as soon as practicable after 8.00 a.m. on 26 March 2018, and that definitive share certificates in respect of Rights Issue Shares held in certificated form will be dispatched by no later than 6 April 2018 to Qualifying Non-CREST Shareholders who have taken up their Rights.

In accordance with their obligations under the Underwriting Agreement, Barclays Bank PLC ("Barclays") and HSBC Bank plc ("HSBC", together the "Underwriters") shall severally use their reasonable endeavours to procure, on behalf of the Company, by not later than 5.00 p.m. on 27 March 2018, subscribers for all (or as many as possible) of the remaining 3,626,416 Rights Issue Shares not validly accepted, failing which the Underwriters have agreed to subscribe for any remaining Rights Issue Shares on a several basis and in their agreed proportion.

To the extent that such Rights Issue Shares are sold at a premium to the Rights Issue offer price of 177 pence per Rights Issue Share, such premium (after deduction of applicable fees and expenses) will be paid (without interest) to those persons entitled pro rata to the entitlements not taken up in accordance with the terms of the Rights Issue, save that no payment will be made of amounts of less than £5.00 per holding, which amounts will ultimately accrue for the benefit of the Company.

A further announcement as to the number of Rights Issue Shares for which subscribers have been procured will be made in due course.

Capitalised terms not otherwise defined herein, are defined in Part 17 of the prospectus published by the Company on 8 March 2018 in connection with the Rights Issue (the "Prospectus"), which is available on the Company's website at www.laing.com.

Total Voting Rights

In accordance with the FCA's Disclosure and Transparency Rules, the Company notifies that, as at 26 March 2018, the total issued share capital of John Laing Group plc is 489,280,178 ordinary shares of 10 pence each with one voting right per share. There are no ordinary shares held in treasury.

Therefore the total number of voting rights in John Laing Group plc is 489,280,178. This figure should be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change in their interest in, John Laing Group plc under the Disclosure and Transparency Rules.

more.....

StockMarketWire.com
Infrastructure investment manager John Laing Friday maintained its full-year outlook on investment commitments, which it said would be weighted toward the second half of the year.

The infrastructure investment manager said it continued to expect investment commitments to total £250m for the full-year 2018.

Total investment commitments of £40m had been received in 2018 to date, the company confirmed.

Bidding activity was lower in the early part of 2018 but had since picked up in each of its core markets - Europe, North America and Asia Pacific the company said.

'Following our rights issue in March and the sale of our interest in IEP (Phase 1), we have the financial flexibility to take advantage of our strong pipeline of opportunities, said Olivier Brousse, John Laing's Chief Executive Officer.

PRE-CLOSE UPDATE

John Laing Group plc ("John Laing" or "the Group"), the international originator, active investor and manager of infrastructure projects, today issues a pre-close update for the six months ending 30 June 2018.

Investment activity

· Investment commitments weighted towards the second half and full year guidance for 2018 maintained at approximately £250 million

· Strong pipeline of future opportunities as described in March 2018 rights issue

· Following record investment commitments in 2017, bidding activity was lower in the early part of 2018 but is now very active in each of our core markets: Europe, North America and Asia Pacific

· Currently part of:

o One preferred bidder PPP position in Europe with a potential investment opportunity of approximately £7 million

o 12 shortlisted PPP bids due to reach financial close in the next two years, of which 10 are in North America and two in Europe, representing a total potential investment opportunity of approximately £360 million

o Seven exclusive renewable energy positions, representing a total potential investment opportunity of approximately £240 million

· Total investment commitments of £40 million in 2018 to date (see Appendix I):

o PPP: MBTA Automated Fare Collection System (US): £18 million

o PPP: A16 road (Netherlands): £22 million

Realisations

· Sale of remaining 15% shareholding in Intercity Express Programme (IEP) (Phase 1) completed for consideration of £232 million (£228.4 million after costs). As already stated, this was in excess of the valuation at 31 December 2017

· Sale of 50% shareholding in Lambeth Social Housing project, announced in late 2017, now completed with proceeds of £9.5 million

· With further sale processes currently underway, full year guidance for 2018 maintained at approximately £250 million

Investment portfolio

We are pleased with the performance of our investment portfolio in 2018 to date.

Our asset management team actively monitors and manages each project we invest in. A number of these projects are large, sophisticated infrastructure assets, and therefore delays and other issues do occur. In all instances, a judgement as to potential outcomes is taken into account when John Laing's portfolio valuation is prepared.

IEP (Phase 2)

· The first trains for the East Coast mainline, which have the same design as IEP (Phase 1), are scheduled to be accepted into service in Q4 2018

Denver Eagle P3

· The project company has made good progress in H1 2018 to obtain the necessary approvals for the level crossings on the "A" and "G" lines. Subject to final certification, full revenue service is expected to be achieved in Q3 2018

Optus Stadium, Perth

· The stadium has performed well during a number of high capacity, high profile events in H1 2018, with over 500,000 spectators to date. The project was announced winner of the 2018 Australian Construction Achievement Award.

Sydney Light Rail

· As stated in our 2017 results announcement the programme is approximately 12 months behind schedule, but remains within the overall long-stop date. Part of the delay is attributable to the presence of below ground utility equipment not identified before construction commenced. This has led to various claims by the principal contractor, which are currently the subject of negotiations between the contractor and the public sector client, facilitated by the project company.

New Royal Adelaide Hospital

· As stated in our 2017 results announcement, the project company continues to monitor the performance of the facilities management services provider. While this performance has been improving, the project company and the South Australian government are currently in discussions about the application of the abatement regime resulting from service under-performance.

Pension fund

· The deficit as calculated in accordance with IAS 19 at 31 December 2017 of £35.2 million was estimated to have moved to a surplus of £19.8 million at 31 May 2018. This was due principally to a scheduled cash contribution of £26.5 million in March 2018 together with a small increase in the discount rate used to value the liabilities.

Outlook

· The pipeline of new investment opportunities remains strong in both PPP and renewable energy in each of our three core markets

· Current guidance of approximately £250m for investment commitments in 2018 maintained

· As previously stated, we continue to assess (i) other infrastructure asset classes that might fit our business model (ii) new geographies where we see potential opportunities to invest alongside established partners at appropriate returns

· The market for secondary assets remains strong


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

"Following our rights issue in March and the sale of our interest in IEP (Phase 1), we have the financial flexibility to take advantage of our strong pipeline of opportunities. Our focus is to continue to grow in a managed way by ensuring we select the projects with the best risk-adjusted returns and that we work with the best partners. John Laing is steadily becoming renowned internationally for active independent greenfield infrastructure investment, and is well positioned for further growth."

The Group's results for the six months ending 30 June 2018 will be announced on 23 August 2018.

Possible cash offer for JLIF Limited

FTSE 250 fund John Laing Infrastructure sold to two rivals in £1.5bn deal

"Their offer values JLIF shares at 142.5p each but – following murmurs of an investor revolt over the price – also includes a dividend of 3.57p per share. It takes the total offer per share to 146.07p."

Almost a shame really as JLIF has been a pretty steady investment for me. Am now going to have to search again for a safe haven.

Yes - a bit of a dilemma as I have quite a large holding.

Standard Life Aberdeen > 15%

Half year results on 23rd.

RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2018

John Laing Group plc (John Laing, the Company or the Group) announces its unaudited results for the six months ended 30 June 2018.

Highlights

· Net asset value (NAV) per share at 30 June 2018 of 307p (31 December 2017 - 281p1)

- 9.3% increase since 31 December 2017

- 11.7% increase including dividend paid in May 2018

· NAV of £1,505.4 million at 30 June 2018 (31 December 2017 - £1,123.9 million)

· £39.2 million in investment commitments (six months ended 30 June 2017 - £111.3 million)2

· Strong pipeline of £2.3 billion of investment opportunities, including 12 shortlisted PPP positions representing c.£325 million of potential investment

· Realisations of £241.5 million from the sale of investments in project companies (six months ended 30 June 2017 - £151.3 million)

· Profit before tax of £174.3 million (six months ended 30 June 2017 - £36.6 million) and earnings per share (EPS) of 38.8p (six months ended 30 June 2017 - 9.4p)3

· Portfolio value at 30 June 2018 of £1,259.7 million representing 18.2% increase on rebased portfolio value4 at 31 December 2017

· Interim dividend of 1.80p per share payable in October 2018 (six months ended 30 June 2017 - 1.75p per share5)

· 1 for 3 rights issue in March 2018 raising £210.5 million, net of costs (the Rights Issue)

· 2018 guidance for investment commitments and realisations maintained



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

"We are pleased with our performance in the first half of 2018. John Laing is growing as an international expert investor in greenfield infrastructure, in Europe, North America, Asia Pacific and beyond. Our pipeline of opportunities continues to grow, whilst our exposure to the UK market continues to reduce. The recent Rights Issue has given us the financial credibility to team up with the best international infrastructure players. At the same time we will retain our risk analysis and investment discipline to continue to grow safely and in a scalable way. Our pipeline should continue to drive our investment growth, whilst the quality of our secondary portfolio and the dynamism of the market for operational assets should continue to fund that growth. The recent reorganisation around our three regions will ensure scalability of our growth and cost base while reinforcing local presence. We are confident about our business model and our future performance."



Notes:

(1) NAV per share at 31 December 2017 of 281p is the previously reported NAV per share of 306p multiplied by the Rights Issue bonus factor6

(2) Based on new investment commitments secured in the six months ended 30 June 2018; for further details see the Primary Investment section of the Business Review

(3) Basic EPS (adjusted for the Rights Issue); see note 7 to the Condensed Group Financial Statements

(4) Rebased portfolio value is described in the Portfolio Valuation section

(5) Interim dividend per share for the six months ended 30 June 2017 of 1.75p is the 1.91p paid in October 2017 multiplied by the Rights Issue bonus factor6

(6) For details of the Rights Issue bonus factor see note 7 to the Condensed Group Financial Statements



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.



Conference call dial in details:



UK: 020 3936 2999

Other locations: +44 (0) 20 3936 2999

Participant access code: 39 57 10



Participant URL for live access to the on-line presentation:



https://www.investis-live.com/john-laing/5b58540205eeee1000fe20b4/thgs

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