3i Infrastructure Share News (3IN)

(Sharecast News) - Investment company 3i Infrastructure updated the market on its performance on Friday, reporting total income and non-income cash of £69m in the period from 1 October to 28 March.The FTSE 250 firm said it remained on track to deliver its full-year dividend target of 8.65p per share as it entered the close period for the year ending 31 March, which would be fully covered with a "significant" surplus.It said its cash balance was £262m as at 28 March 2019, with the undrawn balance of its revolving credit facility standing at £284m.Looking at its transaction during the period, 3i Infrastructure noted the completion of the sale of its stake in Cross London Trains, which owns and leases the rolling stock used on Thameslink services in London, for proceeds of £333m.It also completed a €226m investment in Tampnet, and committed to acquire 100% of Joulz Diensten for around €220m.It noted that investee Wireless Infrastructure Group acquired Highpoint Communications in Ireland, and Arqiva's 'Indoor Networks' business in the UK, while TCR completed the bolt-on acquisition of Aerolima.3i Infrastructure said that overall, its portfolio continued to perform "well"."3i Infrastructure continues to outperform its objectives and remains on track to deliver a full year dividend of 8.65p per share, 10% higher than last year," said chairman Richard Laing.Phil White, managing partner and head of infrastructure at the firm's investment manager 3i Investments, added that the company was "very pleased" to have completed the sale of Cross London Trains, and reinvested the proceeds into Tampnet and Joulz."These are attractive assets which further diversify the portfolio," White said."In addition we have completed several accretive bolt-on acquisitions, strengthening the market position of our platform companies."