StockMarketWire.com - Infrastructure investor John Laing stuck with plans to pay its final dividend despite coronavirus-led disruption to investment activity.

The company also confirmed the appointment of Ben Loomes as chief executive officer and expected him to take up the position on 8 May.

'As previously outlined, investment activity in early 2020 has been subdued and we continue to expect modest progress in H1. The majority of opportunities are subject to public procurement processes and, with public bodies in most geographies focused on the immediate crisis, we have seen some slippage of investments timing from 2020 into 2021,' the company said.

For the first half of 2020, the company expected only 'modest' net asset value creation from project delivery, value enhancements and value uplift on financial closes primarily due to the effect of Covid-19.

'For the portfolio as a whole, progress with value enhancements has been modest, with operational improvements hampered by the lockdown. 'Credit market movements had eroded some of the upside from opportunistic refinancings,' it added.

The company sold its Buckthorn Wind Farm and French wind portfolio during the first quarter for total proceeds of just over £70m.




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