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(Alliance News) - 3i Infrastructure PLC on Thursday said it has performed well in the past six months, citing "attractive prices" received from two sets of investment realisations.
Total income and non-income cash climbed 25% to GBP86 million for the six months ended March 30 from GBP69 million a year ago, 3i Infrastructure said. Its portfolio was performing strongly, in most cases ahead of expectations set in September last year, the Jersey, England-based investment company added.
On October 29, the company completed the sale of its 45% stakes in four European liquid storage terminals for proceeds of about EUR55 million after debt repayment. As well, on Tuesday, 3i Infrastructure agreed to sell its European projects portfolio to 3i European Operational Projects Fund for about GBP100 million, to be completed by June.
The company is on track to meet the financial year target dividend of 10.45 pence per share, up 6.6% from 9.8p a year ago. 3i Infrastructure's financial year ends on Thursday.
"We are delighted with the new investment commitments we have made, both in new businesses and in companies we already know well, and with the successful realisations at attractive prices of Oystercatcher's European terminals and the European projects portfolio. Our engaged asset management approach has continued to drive performance from the portfolio, ahead of our expectations," commented Phil White, managing partner & head of Infrastructure at 3i Investments PLC, the investment manager for 3i Infrastructure.
Meanwhile, after eight years, 3i Group's Phil White, head of Infrastructure at 3i Investments, will step down from his role as managing partner of 3i Infrastructure on July 1. White will remain with 3i Group on a part-time basis as vice chair of infrastructure and as a member of the group's investment committee, 3i Group, a London-based private equity and venture capital company, explained.
Scott Moseley and Bernardo Sottomayor will be the new managing partners from July 1. Scott Moseley joined 3i in 2007, became a partner in 2012 and is currently co-head of Economic Infrastructure, Europe, alongside Sottomayor. Bernardo Sottomayor joined the group in 2015. The two will also be appointed co-heads of European Infrastructure and join 3i group's executive and investment committees.
3i Group shares were 0.8% higher at 1,392.50 pence each in London on Thursday morning, while 3i Infrastructure shares were down 0.3% at 348.97 pence each in London on Thursday morning.
By Tom Budszus; tombudszus@alliancenews.com
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