3i Infrastructure Share News (3IN)

(ShareCast News) - Investing company 3i Infrastructure ended its financial year on a high, reporting solid growth in portfolio income on Thursday, for the 13 weeks to 30 March.The FTSE 250 firm said its portfolio was performing well both operationally and financially, generating portfolio income of £21.8m for the quarter, up from £18.6m in the same period last year.It said £3m of that income was generated from the recent investments in ESVAGT and the West of Duddon Sands Offshore Transmission Owner project.3i's board said the company committed to invest around £6m in the Condorcet Campus primary PPP project in France during the quarter.It said its investment adviser was making good progress in developing a pipeline of opportunities across the company's target markets in economic infrastructure businesses, and primary PPP and low-risk energy projects.The board confirmed it remained on track to deliver a full year dividend of 7.25p per share, and to grow this progressively beyond 2016."This has been a busy year for the company. In a highly competitive market, [it] has completed a number of attractive investments across its target markets whilst maintaining investment discipline," said 3i Infrastructure chairman Richard Laing."The portfolio continues to perform well, generating good levels of income, including from the company's recent investments in ESVAGT and the West of Duddon Sands OFTO project," he added.Managing partners and co-heads of infrastructure, Ben Looms and Phil White, added they were pleased with the further expansion of the company's primary PPP portfolio with the commitment to invest in the French project."We continue to make good progress with developing our investment pipeline across our target markets in economic infrastructure businesses and primary PPP and low-risk energy projects," the pair explained.3i's balance sheet remained strong at the end of the period, with the company holding £50m cash on 30 March. Its undrawn revolving credit facility on the same date was £277m.The company's financial year was due to end on Thursday.