(Alliance News) - 3i Group PLC on Thursday said it has seen net asset value growth in its third quarter, particularly bolstered by strong results from investee Action.
The London-based private equity and venture capital company said net asset value per share at December 31 was 2,457 pence, up 8.3% from 2,261p per share at September 30.
This resulted in a total return of 20% for the nine months to the end of December, following a GBP476 million hit from foreign exchange translation.
3i added that major investee Action, an Enkhuizen, Netherlands-based non-food discounter, had particularly driven 3i's growth during 2024, with net sales increasing 20% to EUR13.78 billion from EUR11.32 billion.
Operating earnings before interest, tax, depreciation and amortisation for the portfolio business rose 25% to EUR2.08 billion from EUR1.62 billion.
"Action's excellent 2024 result is another step in its remarkable growth journey and it has had a good start to 2025. Action's performance has been driven by: consistently sharing the benefits of scale with its customers through very competitive price points; a flexible category assortment; and a record number of new store openings," said 3i Chief Executive Officer Simon Borrows.
"We continue to see some significant growth within our other leading consumer and private label portfolio companies, more than offsetting weaker trading at a small number of companies which continue to face specific market challenges. We have also executed on a number of realisations, and managed to secure new investments in familiar sub-sectors without compromising on our price discipline.
"Whilst we remain cautious on the macroeconomic and geopolitical environment, we believe 3i is well positioned for a strong financial year to March 31, 2025."
3i shares were flat at 3,810.00p each in London on Thursday morning.
By Emily Parsons, Alliance News reporter
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