John Laing Group profit before tax fell to £126m last year, compared with £192.1m in 2016.

The company said it was hit by lower power prices than expected at several of its renewable energy investments and also didn't benefit last year from foreign exchange gains that it made in 2016. 

New investments were up significantly, however, standing at £382.9m in 2017, a 110% increase on the £181.9m in the previous year.

Chief executive Olivier Brousse said the company is continuing to grow its pipeline, 95% of which is outside of the UK.

The net asset value of the portfolio stood at £1123.9m on 31 December 2017, compared with £1016.8m at the end of 2016.

In order to boost renewables investments John Laing has also launched a new share offer in order to raise £210.2m .

Image: Free Images/Christian Wagner