John Laing Infrastructure Fund posted an 11.5% uplift in its net asset value for its first half on Monday at £1.204bn, which it said was largely due to investments and the shareholder tap issue, which was accretive to net asset value per share.
The FTSE 250 company said NAV per share stood at 121.6p on 30 June – excluding the dividend of 3.48p paid in May – which up 1.2% against 31 December 2016.
It reported a 6.2% total shareholder return in the period.
The board said its portfolio value was £1.22bn at period end, including underlying growth of 3.47% – or £41m – on a rebased portfolio value of £1.18bn.
Its strong cash flows continued from its diversified portfolio of 63 projects, the board explained, while its profit before tax for the six months was £34.7m – down significantly from the £72.3m reported at the same time 12 months earlier.
The company made investments of £18.8m during the period, including post-balance sheet date follow-on investment in the North Staffordshire Hospital project.
“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,” said John Laing Infrastructure chairman Paul Lester.
“We remain positive about the outlook for the company.”
The board declared a dividend of 3.48p per share, relating to the six months to 30 June, payable in October.
That represented a 2.0% increase on the same period last year.