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Infrastructure investor John Laing Group reported an uptick in half-yearly net asset value despite a slump in half-yearly profits as a number of challenges with its renewable energy assets in Australia and Europe hurt performance.
For the six months ended 30 June, net asset value rose to £1.60bn from £1.50bn a year earlier, while pre-tax profit fell to £35m from £175m a year earlier.
The company reported £66m of write downs on renewable energy assets in Australia due to industry transmission problems and £55m of write downs on its European wind assets. But that was partly offset by £78m of value enhancements delivered through active management across the portfolio, the company said.
The company declared an interim dividend of 1.84p per share, up from 1.80p per share last year.
'We remain confident in delivering our full year expectations, underpinned by the value inherent in our existing portfolio and further penetration of our targeted markets,' the company said.
At 8:06am: (LON:JLG) John Laing Group Plc share price was -18.1p at 362.7p