StockMarketWire.com - Infrastructure investor John Laing said profit more than halved in 2019, due to writedowns in its renewable energy business and lower power prices.

For the year ended 31 December 2019, pre-tax profit fell to £100m from £296m and earnings per share plunged to 20p from 63p.

The company blamed the fall in profit on renewable energy write downs in 2019 and exceptional gain on IEP Phase 1 project in 2018.

Net asset value rose to £1.66bn from £1.59bn, with the portfolio value up 8.7% to £1.77bn.

The company reported a final dividend of 7.66p per share, including special dividend 3.98p per share, taking the total dividend for the year to an unchanged 9.5p per share.

'We re-assessed the risk/return profile of standalone wind and solar generation assets during the second half and have decided that we will make no further new investments in this area. In line with our business model, we are preparing our existing portfolio of wind and solar assets for sale in the short to medium term to take advantage of strong demand for operational renewable energy assets,' John Laing said. We are instead focusing on the opportunities presented by the wider energy transition.'


At 9:21am: [LON:JLG] John Laing Group PLC share price was +9p at 351p



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