John Laing plc announces interim results

Solid financial performance and strong balance sheet

• Valuation of portfolio of projects increased by 11% (new basis excluding Chiltern due to unresolved compensation issue)
• Pre tax profit £12.3 million (2005 - £13.8 million) including:

  Laing Roads increased profits in the first half to £4.5 million (£3.4 million in 2005)

  Accommodation division produced profits of £12.2 million including £4.6 million from disposals (£8.9 million and no disposals in H1 2005)

  Chiltern Railways impacted by tunnel collapse with a loss of £2.4 million (profit of £4.1 million in 2005)

• Net Cash position unchanged at £108.1 million from £108.6 million at end December 2005
• Interim dividend increased to 1.3 pence per share from 1.2 pence

Business development and operational highlights

• Reached financial close on the £1 billion Barts and The London hospital project
• Signed off the £319 million South Lanarkshire schools project
• Appointed preferred bidder on the Forth Valley hospital and the East Dunbartonshire schools projects
• Chiltern train performance at record levels with 93% of trains on time
• Increasing bidding activity overseas with emphasis on Europe and North America

Bill Forrester, Chairman of John Laing commented:

“The UK infrastructure market continues to present significant opportunities and we believe there is also significant potential for John Laing to target and have continued success in overseas markets. We are well placed to take advantage of these overseas markets and, as previously stated, we are increasing our bid activity.”

Enquiries:

John Laing plc 020 7901 3200
Adrian Ewer Chief Executive Officer 
Finsbury 020 7251 3801
Faeth Birch / Robin Walker / Ed Simpkins 

The Company’s presentation to analysts will be available from the website www.laing.com by 3pm today.

Please click here to read the Chairman's Statement