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(Alliance News) - 3i Group PLC on Thursday lifted its annual dividend and reported a net asset value hike.
3i, a London-based private equity and venture capital company, said its net asset value per share as at March 31 stood at 1,745 pence, up 31% from 1,321p on the same date a year before.
3i reported GBP4.59 billion on opening shareholders' funds, up from GBP4.01 billion the year before.
Its investments include BoConcept, a Danish furniture retailer, and Belfast City Airport in Northern Ireland. By value, its largest investment is in non-food discount retailer Action, which operates in nations such as Netherlands, Belgium, France.
The company's private equity business delivered a gross investment return of GBP4.97 billion, compared to GBP4.17 billion in financial 2022.
"This result was driven primarily by Action's very strong performance in FY23, with a good contribution from a number of our other portfolio companies operating in the value-for-money and private label, healthcare, industrial technology and business and technology services," 3i explained.
Chief Executive Simon Borrows said: "Our portfolio has been carefully assembled and its resilience and consistent financial performance in recent years reflects the benefits of thematic investing, disciplined pricing and active asset management. No portfolio company reflects this approach better than Action, which continues to be 3i's largest and most resilient portfolio investment."
The company declared a total dividend of 53.0 pence per share for financial 2023, up 14% from 46.5p a year prior.
Looking ahead, 3i Group said the portfolio continues to trade resiliently in the current environment, with 83% exposure to the value-for-money and private label, infrastructure and healthcare sectors.
Shares were up 1.0% at 1,764.00 pence each on Thursday morning in London.
By Xindi Wei, Alliance News reporter
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