- Infrastructure investor John Laing said net asset value, ex-dividends, for the first half of the year was expected to show a single digit decline as investment activity was stalled amid the ongoing pandemic.

The company said investment activity had been low, with a number of bids relating to public procurement processes delayed from 2020 into 2021 due to Covid-19.

'One of the main ways that Covid-19 has impacted the valuation of our portfolio is through changes in macro-economic assumptions, particularly lower short-term expectations for inflation,' the company said.

'We have also been impacted by the reduction in power prices through our renewable energy assets which represent c.34% of total portfolio value,' it added.

The pandemic and lower power prices were expected to have a combined impact of about 6% of NAV, or about 20p per share.

While off-take arrangements, in place for most of its renewable assets, had provided some protection against short-term volatility, the company expected a negative impact from lower power prices all regions.

Its balance sheet and liquidity position remained 'strong,' the company said, with financial resources of about £320m available as at 18 June 2020.

At 8:03am: [LON:JLG] John Laing Group PLC share price was -16.6p at 331.8p

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