£12m interim pre-tax profit announced by John Laing

John Laing, the project developer and investor in public private partnerships (PPP) has announced an interim pre-tax profit of £12m.

Laing’s portfolio has grown to 50 projects that have reached financial close. The cash investment in them runs to £190m with committed further investment adding a further £56m.

The assessment of the likely investment on projects at the preferred bidder stage is £70m and at the shortlist stage, assuming a 40% success rate by value, the likely investment is £61m.

Interim results (six months to 30 June) show turnover of £240m (figure in the comparable period last year: £190m). Almost half of the latest figure was from Laing operating in joint ventures.

Bill Forrester, chairman, said: “The UK infrastructure market continues to present opportunities and there is potential for John Laing to target and have continued success in overseas markets.”

Bid costs, net of recoveries, amounted to £2.3m (same period last year: £1.2m). Forrester expects bid costs to rise further in the short and medium term as the level of the group’s bid activity increases.