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(Alliance News) - 3i Group PLC on Thursday reported a rise in net asset value for the first quarter of its financial year, due to a strong performance from its Private Equity portfolio, particularly Action.
As at June 30, the London-based investment company posted a net asset value of 1,406 pence per share, up 6.4% from 1,321p at the end of March. For the three month-period, 3i posted an NAV total return of 6.6%.
Within its Private Equity portfolio, 3i noted strong contributions from Action, AES, Dynatect and MAIT.
In particular for the quarter, homeware retail chain Action achieved earnings before interest, tax, depreciation and amortisation at EUR263 million, up 29% from the same period a year prior, and more than doubled above pre-virus levels.
In addition, Action's sales grew 22% year-on-year to EUR2.06 billion, and was 70% above pre-pandemic levels. This was attributed to significant new customer flow through low prices and product availability.
Over the period, 3i Group made three new investments totalling GBP195 million, including accounts payable process firm xSuite, children's lifestyle brand Konges Sloyd and security products provider Digital Barriers, which are set to be completed by the end of the second quarter.
"3i has made a good start to its new financial year. Both portfolios are trading resiliently in the current environment and Action is continuing to grow at an impressive rate. We have already announced a number of new investments this year and executed realisations at significant premiums to their carrying values in recent months, underlining the quality of our portfolio. We see broader economic conditions deteriorating over the rest of the year but remain confident in the composition of our portfolio," said Chief Executive Simon Borrows.
Shares in 3i Group were up 1.9% at 1,220.00 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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