(Alliance News) - 3i Group PLC on Thursday said Action, which it invests in, showed sales growth in the year-to-date, and eyed more growth in next quarter.
3i, a London-based private equity and venture capital company, said Netherlands-based non-food discounter Action has continued to deliver very strong sales growth in the year-to-date, with like-for-like sales growth of 22%.
Its investments include BoConcept, a Danish furniture retailer, and Belfast City Airport in Northern Ireland. By value, its largest investment is in Action, which operates in nations such as the Netherlands, Belgium, and France.
"Action's strategy to deliver an outstanding quality customer offering at the lowest price remains the company's top priority and continues to draw high customer footfall across all of its geographies. Action is set for another good quarter of profit growth and has a cash balance in excess of EUR660 million," 3i said.
It also said Action's net new stores openings of 84 are on track with its expansion plans and ahead of the 75 stores opened in the same period last year.
3i said the remainder of its private equity portfolio continues to demonstrate "resilience" with the majority trading well, though it noted lower customer demand and inflation pressures have impacted a "small" proportion of the portfolio.
Last month, 3i reported a rise in its annual net asset value per share to 1,745 pence as at March 31, up 31% from 1,321p on the same date a year before.
3i shares were up 0.6% to GBP1,893.00 pence each on Thursday morning in London.
By Xindi Wei, Alliance News reporter
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