Last checked at 
30 Jun 2022 07:00
30 June 2022
3i Group plc
AGM and portfolio update
3i Group plc ("3i") will be holding its Annual General Meeting ("AGM") this morning. At the AGM Simon Borrows, our Chief Executive, will provide an update on the portfolio.
Action has achieved very strong sales growth in the year to date. Like-for-like sales and footfall were significantly ahead of the prior year, although with a slightly reduced basket size. Inventory and supply chain continue to perform in line with plan with no significant issues despite the well documented global challenges. A clear and consistent focus on an outstanding quality customer offering at the lowest price continues to be Action's top priority and has never been more relevant to customers across all of its geographies. Action is set for another good quarter of profit growth to the end of June and closed last week with a cash balance of some €550 million.
The remainder of the Private Equity portfolio continues to demonstrate overall resilience with the majority of the portfolio continuing to build on recent growth including Cirtec, Sanisure, nexeye (formerly Hans Anders), Tato, Havea, WilsonHCG and Yanga. As would be expected given current market conditions, a small number of companies in the portfolio are having to manage a combination of lower customer demand and inflationary pressures.
Despite short-term market volatility and macro-economic uncertainty our portfolio is well positioned and we increasingly see attractive opportunities to deploy capital. We remain confident in 3i's potential to deliver significant longer-term compounding returns.
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For further information, please contact:
Silvia SantoroGroup Investor Relations DirectorTel: 020 7975 3258
Kathryn van der KroftCommunications DirectorTel: 020 7975 3021
About 3i Group
3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Our core investment markets are northern Europe and North America. For further information, please visit: www.3i.com.