(Alliance News) - 3i Infrastructure PLC on Wednesday reported a rise in assets over the first half, with a performance in line with internal expectations.
At September 30, the Jersey-headquartered infrastructure investment company's net asset value per share stood at 259.4 pence each, up from 254.5p at the end of March.
3i Infrastructure declared an interim dividend of 4.9p in the first half, up from 4.6p the year before. This is half of the company's target full year dividend for financial 2021 of 9.8p.
The firm recorded a NAV total return of 3.8% in the first half.
"The portfolio overall is performing in line with expectations, both financially and operationally, with our investment manager driving value growth over the period through active asset management of the portfolio," 3i Infrastructure said.
The investment manager is a wholly-owned subsidiary of FTSE 100-listed private investor 3i Group PLC - which holds a 30% stake in 3i Infrastructure.
Chair Richard Laing added: "I am pleased with the resilient performance in the first half which demonstrates the overall strength of our portfolio, particularly in light of the ongoing Covid-19 pandemic. We are on track to deliver our dividend target, which is 6.5% higher than last year."
Looking ahead, 3i Infrastructure noted the pandemic continues to create a degree of volatility in the financial markets, but has noted a "reasonable level" of transaction activity in the infrastructure sector demonstrating "continued investor appetite for the resilience inherent in many infrastructure businesses".
"Competition for new investments is still high, but we remain patient around the deployment of our available liquidity, seeking those opportunities that enhance the portfolio. The pipeline includes further investments in existing sectors, particularly to support energy transition and communications infrastructure," the company added.
Shares in 3i Infrastructure were 0.2% higher in London on Wednesday at 302.68 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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3i Infrastructure (3IN)