John Laing's PFI/PPP investments show steady rise

The total value of John Laing’s PFI/PPP investments rose by 9% to £340m in the first six months of 2005.

During the period Laing achieved financial close on five schemes which included the £300m Newcastle Hospital and the £71m North Swindon Schools project.

These took the total number of signed projects at the half year to 47 of which 27 were fully operational and a further seven were partially operational.

Laing’s latest financial results, published this morning and covering the six months to 30 June 2005, show turnover at £190m, well down on the figure of £260m in the same period last year. The change reflects the completion of the construction phase on accommodation projects in the final months of 2004.

The collapse of tunnelling works Gerrards Cross, associated with a project to build a new Tesco store on top of the railway line, has caused operational difficulties on the Chiltern Line. This has triggered “full compensation” under various indemnity agreements with the developer and Network Rail.