(Alliance News) - 3i Group PLC on Thursday said its net asset value improved in the first quarter of its financial year, with most of its Private Equity portfolio performing well.
The private equity and infrastructure investor, which has its headquarters in London, said its NAV per share as at June 30 was 858 pence, up from 804p on March 31 with its total return for the three months to March being 6.8%.
3i said it had seen a "resilient performance from the majority of the Private Equity portfolio in the first quarter" if its 2021 financial year "despite the significant economic and social disruption caused by the Covid-19 pandemic".
Moreover, 3i Group said that once all stores reopened in all geographies in mid-may, its Action non-food discount retailer business experiences strong sales, cash generation, and earnings before interest, tax, depreciation and amortisation.
Chief Executive Simon Borrows said: "We delivered a robust result for the three months to 30 June despite the significant economic and social disruption caused by the Covid-19 pandemic. Our Private Equity and Infrastructure portfolios have been resilient and delivered strong earnings performance this quarter.
"Action is rebounding impressively, and we have seen good share price recovery at 3i Infrastructure and Basic-Fit. Our investment teams remain busy and in July 2020, we completed two transformative Private Equity bolt-on acquisitions for Evernex in France and for our Bioprocessing platform in the US."
Shares in 3i Group were up 0.7% at 890.60p in London in Thursday morning.
By Anna Farley; annafarley@alliancenews.com
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3i Group (III)