Strong full year at John Laing Infrastructure

John Laing Infrastructure Fund (JLIF), a public private partnership infrastructure firm, posted a solid increase in its annual portfolio value while lifting net asset value and its dividend payment.

Its portfolio value increased 41.3% to £537.4m for the year ended December 31st 2012, including acquisitions and investments. It posted underlying growth in portfolio value of 8.5%, ahead of expectations, after a steady performance over the year.

NAV increased 22.8% to £542.4m including equity raised while NAV per share rose 1.1% to 105.7p.

JLIF reported profit after tax of £32.5m on an investment basis and an increase in IFRS net assets of 17.0% to £522.4m, including equity raised.

Chairman Paul Lester said: "JLIF has made significant progress in its second full year of trading, raising over £91m of additional capital and adding over £155 million to the Portfolio Value through acquisitions and investments. JLIF continues to create value for its shareholders, expanding its international presence while maintaining a stable and steady yielding investment."

The group has increased its dividend to 3.125p, up 4.2% for the full year. The group said the increase demonstrates its on-going confidence in the stability of future cash flows.

JLIF said strong cash flows continued, with £8.3m net cash as at December 31st 2012.

CJ