(Alliance News) - 3i Infrastructure PLC on Wednesday reported a "resilient" portfolio performance that met its expectations despite the ongoing Covid-19 pandemic.
The Jersey-headquartered investment manager is a subsidiary of FTSE 100-listed private investor 3i Group PLC - which holds a 30% stake in 3i Infrastructure.
"Overall our portfolio continues to perform in line with our expectations. Most of the companies have performed well, continuing to meet or exceed our expectations, notwithstanding the uncertain operating and economic conditions arising from the effects of the pandemic," infrastructure investment company said.
3i Infrastructure said total income and non-income cash was GBP24 million during October 1 to December 31, which was in line with expectations. For comparison, the company received GBP44 million of income and non-income cash for the same period the prior year.
The company said its cash balance was GBP481 million at December 31 before the GBP44 million interim dividend payment this month, with a full revolving credit facility of GBP300 million still available.
"We continued to retain liquidity at portfolio company level during the period, which reduced dividend income and non-income cash compared to last year," the company added.
3i Infrastructure said back in September it was on track to meet its dividend target for the year ending March 31 of 9.8p per share, a 6.5% increase from the previous year. It confirmed on Wednesday this target is still achievable given its strong portfolio performance.
"During the period we have been pleased by the resilient performance of our portfolio and have continued to progress a number of potential investment opportunities from our pipeline. Our markets remain very competitive despite the uncertainties caused by the pandemic, but we are maintaining our investment discipline and continue to focus on investments that we believe will enhance the company's portfolio," said Managing Partner & Head of Infrastructure Phil White.
Shares in 3i Infrastructure were up 0.6% at 304.35 pence in London on Wednesday morning.
By Zoe Wickens; zoewickens@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
3i Group (III)
3i Infrastructure (3IN)