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(Alliance News) - 3i Group PLC on Monday said its investment portfolios have made "good progress" so far this year, driven by its Action business trading ahead of budget.
3i is a London-based investment manager in mid-market private equity, focused on markets in northern Europe and North America.
In a portfolio update, 3i described Action's recent performance as "impressive", with year-to-date sales 20% ahead of the same period last year at EUR4.5 billion.
Action is a European discount retailer and 3i's biggest asset, valued at GBP5.51 billion out of a total proprietary capital portfolio of GBP11.56 billion.
3i attributed rising sales to "strong trading continuing across all geographies", adding that Action's cash balance sits around EUR900 million. Its cash balance a year earlier was EUR625 million.
3i expects Action's earnings before interest, tax, depreciation and amortisation for the 12 months to the end of September to be EUR760 million, up 31% from EUR579 million in 2020 and 50% from EUR506 million in 2019.
The retailer has opened 150 stores since the start of the 2021, including its first five in Italy where trading is exceeding expectations.
3i shares were up 0.3% at 1,304.50 pence in London on Monday morning.
By Josie O'Brien; josieobrien@alliancenews.com
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