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LONDON (Alliance News) - 3i Group PLC on Thursday said it will remain "cautious and disciplined" in its investment approach, amid uncertainty about the outlook for growth in areas such as the Eurozone and China, a challenging macroeconomic and geopolitical landscape, and "fragile" investor confidence.
"We have completed another solid half year with each business making important progress. The macro and market environment has clearly deteriorated over the course of this year, and the steps we have taken since 2012 to create a more resilient business are proving their value," Chief Executive Simon Borrows said in a statement.
The private equity group's update came as it reported that it generated a total return on shareholders' funds of 4.4% in the first half to September 30 against the 7.1% recorded in the corresponding period the prior year. Net asset value per share increased to 401 pence at the end of September from 396p at the end of March, after accounting for the payment of a 14p final dividend for the prior financial year.
"This performance was underpinned by continued strong earnings growth in the private equity portfolio and supported by good levels of dividend and fee income from infrastructure and debt management," Borrows said.
3i maintained its interim dividend at 6.0p per share and said it expects to pay a full-year dividend of at least 15p.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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