Infrastructure group John Laing yesterday reported a seven per cent jump in pre-tax profit in its first set of results since its listing.
Pre-tax profit climbed to £120.4m in 2014 as the net asset value rose 23 per cent from £528m to £649.8m in the year. John Laing committed £217.2m to projects in the year, its highest-ever total.
John Laing’s new investments are scattered all over the world, and include £72.7m in the UK’s Intercity Express Program, £28.6m in the New Perth Stadium in Western Australia, and £18.3m in highway reconstruction in Florida, US, among others.
The company also made its first foray into the biomass industry by investing £13.3m in a plant in Speyside, Scotland.
The plant will generate heat for the nearby Macallan whisky distillery
The £120m garnered from shares sold after the February listing will also enhance John Laing’s investment capabilities.
“The financial year, 2014, has again demonstrated the strength and flexibility of our business model,” said chairman Phil Nolan.