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(Alliance News) - 3i Group PLC on Thursday reported a solid performance across its investment portfolio despite significant Covid-19 disruption.
The London-based private equity and infrastructure investor said that, as at December 31, its net asset value per share was 936 pence, up 3.4% from 905p as at September 30. This decreases to 918.5p after the payment of the first financial 2021 dividend of 17.5p per share.
Shares in 3i Group were down 2.7% at 1,095.00 pence in London on Thursday.
Total return during the nine months to December 31 was 19%, improved from 10% the year prior
Gross debt as at December 31 was GBP975 million, which has remained flat since September 30. Net debt was GBP559 million, with an undrawn revolving credit facility of GBP916 million as at December 31.
3i Group credited its resilient performance to portfolio firm Action. The Benelux-based general merchandise discount retailer generated revenue growth of just over 10% as at January 3 and opened 164 new stores. Its provisional earnings before interest, tax, depreciation and amortisation for 2020 was EUR616 million, 14% ahead of 2019.
Action generated strong cash flow over the year, finishing with EUR590 million cash after the repayment of the outstanding revolving credit facility balance, added 3i.
"Both our Private Equity and Infrastructure teams have continued to perform well. Our Private Equity portfolio continues to benefit from secular growth trends, with 92% of our top 20 investments by value growing last 12 month earnings to September 2020, with particularly strong performances in our high growth investments. This was another decent quarter from Action which has bounced back very strongly after each lockdown interruption," said Chief Executive Simon Borrows.
By Zoe Wickens; zoewickens@alliancenews.com
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