LONDON (Alliance News) - 3i Infrastructure PLC on Tuesday said it remains on track to deliver a full year dividend of 7.55 pence per share, after having completed four new investments in its first half to end September 30.
The infrastructure investment fund noted its GBP385.0 million fundraise in June, ahead of the GBP350.0 million it was initially planning to raise, and said most of the funds have since been used in recent investments.
3i Infrastructure noted its markets remained competitive, but said it achieved a "strong level of investment" over its first half, completing four investments for a total of GBP287.0 million in the six months to end September 30. This compares to a total investment of GBP187.0 million for the same period a year earlier.
Alongside this, 3i Infrastructure said it has been appointed as the preferred bidder for the A27/A1 greenfield public private partnership project in the Netherlands and had achieved commercial close for the deal. Financial close is expected shortly.
The company said its European portfolio continues to perform "broadly in line with expectation ", delivering planned cash flows and with newer portfolio companies performing as expected.
Portfolio income totalled GBP28.2 million for the company's first half to date, 3i Infrastructure said, with further income of around GBP7.1 million expected by September 30. For the first half of its previous financial year, GBP27.1 million of portfolio income was generated.
"The company has had a busy first half. In a competitive market, we completed four new investments for a total consideration of GBP287.0 million and executed a successful capital raise. The company's European portfolio continues to deliver income in line with expectations. Supported by our outlook for the European portfolio, including the new investments completed in the period, we remain on track to deliver a full year dividend for the full year of 7.55p per share," said Chairman Richard Laing.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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3i Infrastructure (3IN)