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Annual Results

JLIF reports 'solid' FY results

16 March 2016 08:00

John Laing Infrastructure Fund reports a 'solid set of results' for the year ended 31 December.

The group declared a dividend in February of 3.41 pence per share for the six months to 31 December, up 1.04%, in line with UK inflation. Dividends of 6.75 pence per share were paid in the year.

Other highlights:

- Net asset value of £883.1m, representing a NAV per share of 108.4 pence - Underlying portfolio growth of 8.34%, 0.22% ahead of growth arising from discount rate unwind - £73.3m received in cash from investments, £4.3m ahead of project forecasts - New investments of approximately £104.4m since 31 December 2014, comprising one additional interest and three new assets (two of which represented events after the balance sheet date) - Total Shareholder Return of 50.2% since launch (November 2010), 9.9% annualised (simple basis)

Chairman Paul Lester said: "It is pleasing to announce another solid set of results for 2015. Since the end of the year, we have made our first investment in the Spanish market via a stake in the Barcelona Metro Stations project and agreed the acquisition of two further UK social infrastructure projects from John Laing Group.

"To repay the debt drawn to finance these acquisitions we launched a shareholder tap issue in February 2016 which, being oversubscribed and accretive to NAV, raised gross proceeds of £92.9 million. We are pursuing a number of live opportunities in various jurisdictions and are confident of growing JLIF further both by acquisition and active asset management in 2016."

At 8:00am: (LON:JLIF) John Laing Infrastructure Fund Ltd share price was +0.05p at 119.55p

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