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22/03/2004
Laing return to profit
John Laing Group has reported a return to profit following a refocusing on government-funded projects.
The group has recently divested its home building operation to focus on investment in and the management of potentially more lucrative PFI-funded projects by government.
Laing's profit before tax for the year ended 31 December 2003 was £21.2 million, compared to a prior year loss of £14.1 million. The figure for the 2002 loss was restated from a previously reported loss of £18.6 million to reflect a consistent basis of accounting for the expanded PFI portfolio.
Chief Executive Andy Friend said: "A number of opportunities are now emerging in European markets where John Laing's specialist development capabilities position it well for pursuing new activity in association with strong local partners.
"Having implemented the transformation of the company during 2003, we enter 2004 with confidence in the outlook for our core investments business. The prospects for all our markets in PFI/PPP investment are strong and the high quality of our existing portfolio supports our bidding for new projects."
The company report indicated that Laing's programme of disposing of non-core operations was largely complete, and a sector focus on public service accommodation, roads and rail has proved to be a platform for "significant growth" in activity.
Declaring a final dividend of three pence per share, down from 6.8 pence per share in 20002, Laing promised a closer link between dividends and earnings.
The group's share price rose on the profits news.
(SP)
The group has recently divested its home building operation to focus on investment in and the management of potentially more lucrative PFI-funded projects by government.
Laing's profit before tax for the year ended 31 December 2003 was £21.2 million, compared to a prior year loss of £14.1 million. The figure for the 2002 loss was restated from a previously reported loss of £18.6 million to reflect a consistent basis of accounting for the expanded PFI portfolio.
Chief Executive Andy Friend said: "A number of opportunities are now emerging in European markets where John Laing's specialist development capabilities position it well for pursuing new activity in association with strong local partners.
"Having implemented the transformation of the company during 2003, we enter 2004 with confidence in the outlook for our core investments business. The prospects for all our markets in PFI/PPP investment are strong and the high quality of our existing portfolio supports our bidding for new projects."
The company report indicated that Laing's programme of disposing of non-core operations was largely complete, and a sector focus on public service accommodation, roads and rail has proved to be a platform for "significant growth" in activity.
Declaring a final dividend of three pence per share, down from 6.8 pence per share in 20002, Laing promised a closer link between dividends and earnings.
The group's share price rose on the profits news.
(SP)
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