Carillion has sold off equity stakes in two PPP projects for an exceptional profit of £7m.
It sold its 50% stake in the London to Oxford M40 road project to support services group Laing, and half of the 100% equity it held in the A249 road scheme in north Kent to Barclays European Infrastructure.

As with previous equity sales, Carillion will reinvest the money in PPP projects and return one-third of the profit to shareholders as a dividend.

John McDonough, the chief executive of Carillion, said "As expected, there is a growing market for PPP equity and we intend to continue our phased programme of equity disposals."

Monday's announcement coincided with Laing's disclosure that it had signed a 50:50 joint-venture agreement with Commonwealth Bank of Australia.

The companies will co-invest in UK hospital and European roads projects. It will look at £300m of project equity investment over the next three-to-five years.

Laing chief executive Andy Friend said: "This co-investment partnership is an important building block in assembling a wider platform for growth at a time of significant market opportunity."

In a trading statement, Laing added that it expected to close six of the 15 contracts it had at preferred or sole bidder stage in the second half of the financial year.