John Laing Infrastructure keeps dividend on track

John Laing Infrastructure Fund, the listed investment firm specialising in public private partnerships, has reported net asset value (NAV) growth and a dividend in line with expectations.

In the six months to the end of June, NAV, including the proceeds of a £31m share placing, stood at £475.7m, up 7.7% on the prior year.

The interim dividend has been announced at 3p per share while the portfolio value has increased 4.5% on an underlying basis to £449.4m.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Over the last six months JLIF bought six new assets, including three social housing projects in Camden and the North East Fire and Rescue project.

The company now says it is "reviewing its credit facilities with a view to increasing these over the coming months..."

According to today's update it has in excess of £350m in assets available to buy over the next three years from the company which originally spun it out, private firm John Laing PLC.

Paul Lester, JLIF's Chairman said of the results: "At a time when global financial markets continue to experience turbulence and volatility, JLIF continues to offer a stable and steady yielding investment. There continues to be a buoyant secondary market for infrastructure assets and we are confident of further acquisition opportunities."

Shortly after the open on Tuesday, the shares were flat at 110.6p.