Source : EuropeanMarkets
Simon Borrows, 3i’s Chief Executive, commented:
“We have completed another solid half year with each business making important progress. The macro and market environment has clearly deteriorated over the course of this year and the steps we have taken since 2012 to create a more resilient business are proving their value.
We are enjoying good momentum across 3i and anticipate that the current environment will, over time, create attractive opportunities and we have the people, financial resources and agility to take advantage of them.”
Another solid half year with each business making important progress
Good progression in NAV per share to 401 pence, after the payment of the 14 pence final FY2015 dividend
Strong performance in the Private Equity portfolio underpinned by continued earnings momentum in our key assets
Productive first half for Private Equity with selective investment of £208 million and realised proceeds of £307 million
Infrastructure had a good first half, advising 3i Infrastructure plc on three new investments and contributing a special dividend of £51 million and cash income of £25 million to 3i
Debt Management assets under management now £7.5 billion as the team raised £0.8 billion of new assets from one new CLO in Europe and one new CLO in the US and launched the Global Income Fund
Efficient operating platform supported operating cash profit of £17 million
Well funded balance sheet with net debt of only £12 million
Interim dividend of 6.0 pence per share and expect to pay a full year dividend of at least 15 pence per share
Source : Financial News 3i Group plc, 12 November 2015
