(Alliance News) - 3i Infrastructure PLC on Wednesday said its portfolio is performing well and is on track to meet its dividend target.
The private equity and infrastructure investor said its portfolio continues to "demonstrate resilience" in the face of Covid-19.
"Most portfolio companies have met or exceeded the expectations we set at the start of the period, although lower power price forecasts, ongoing effects of the pandemic and the slow recovery in air travel will affect some portfolio company valuations at the half year end," the company said.
Total portfolio income and non-income cash was slightly ahead of expectations at GBP47 million in from April 1 to September 29, but is still down from GBP57 million a year prior.
3i Infrastructure added that it is on track to deliver its dividend target for the year ending March 31, 2021 of 9.80 pence per share, up 6.5% from 9.20 pence a year before.
Managing Partner and Head of Infrastructure Phil White said: "We remain cautious about the speed of the recovery in economic activity, but we have a portfolio that is continuing to prove resilient and we continue to work on a broad range of potential investment opportunities, seeking to invest in businesses that enhance the company's portfolio, taking advantage of our strong financial position."
3i Infrastructure shares were up 0.5% at 289.90 pence each in London on Monday.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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3i Infrastructure (3IN)