(Alliance News) - 3i Infrastructure PLC on Thursday said its investment portfolio "performed as expected" in the first quarter, as the pandemic continued to slow cash flow.
The Jersey-based infrastructure investor said its portfolio generated total income and non-income cash of GBP22 million for the first quarter that ended June 30, down 8.3% from GBP24 million in the same period a year prior.
As reported in June, the company acquired a 60% stake in German telecommunications provider DNS:NET for around EUR182 million in the first quarter. Also in April, the investor acquired Dutch rooftop solar developer Zonel Energy Systems BV.
Whilst in May, the firm invested an additional GBP11.6 million into Danish marine emergency rescue and response vessel company, ESVAGT.
3i Infrastructure said its cash balance was GBP287 million on June 30, with an undrawn credit facility of GBP300 million available for future acquisitions and investments.
Of its cash balance, the investor has set aside GBP44 million to fund its 4.9 pence final dividend payment for financial 2021. The final dividend is due on July 12.
3i Infrastructure added that it is "on track" to issue a 10.45p dividend in financial 2022, delivering a 6.6% year-on-year bump for shareholders.
Managing Partner Phil White said: "The portfolio continues to show resilience, despite the current market conditions, and to provide a solid level of income. We have a good pipeline of potential investment opportunities across our target markets and have liquidity to invest, though we continue to be patient and selective in what are still very competitive market dynamics."
Shares in 3i Infrastructure were trading down 0.5% at 308.00 pence each in London on Thursday morning.
By Scarlett Butler; scarlettbutler@alliancenews.com
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3i Infrastructure (3IN)