3i flags ongoing pandemic impact to portfolio company Action

Thu, 18th Mar 2021

Private equity company 3i said flagged a hit to its Benelux-based portfolio company Action from ongoing lockdown restrictions in Germany and Netherlands, but said performance in other countries including France, Belgium, Luxembourg and Poland was ahead of last year. 'The lockdown situation across Europe remains fluid and Action's trading performance in 2021 continues to reflect restrictions in a number of countries,' the company said. 'Action lost significant sales compared to budget in the Netherlands and Germany in January and February, although the recent relaxation of restrictions has lifted trading in March which is now moving up to budget levels in both countries,' it added. But in France, Belgium, Luxembourg and Poland, Action has seen strong performance since the start of the year with sales and earnings before interest, taxes, depreciation and amortization, or EBITDA, materially ahead of budget and like for likes at least 25% ahead of 2020 for the first 10 weeks of the year. The business was on course to open a higher number of stores in Q1 2021 than the same period last year, the company said. 'The remainder of the private equity portfolio continues to demonstrate resilient performance and has significant momentum moving into the next financial year,' it added. Story provided by StockMarketWire.com

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