24th Jul 2025 10:25
(Alliance News) - 3i Group PLC on Thursday said that it has started its financial year "well", but is taking a "cautious" approach to pricing new investments.
The investment firm, with a focus on private equity and infrastructure, said its net asset value rose 6.6% to 2,711 pence in the first half ended June from 2,524p at the financial year-end in March.
The first quarter was helped by a foreign exchange boost of GBP392 million, or 40p per share.
Referring to its most significant portfolio holding, 3i said Action's sales grew in the first half of the year. In the six months to June 29, Action's like-for-like sales growth was 6.8%
The discount store chain, based in Zwaagdijk, Netherlands, said its net sales rose 18% during the half-year. It added 125 stores and ended the period with a total of 3,043 stores in 13 nations. It opened its 3,000th store in early June.
3i reported a "resilient performance" from the majority of its private equity portfolio. Elsewhere, it noted an 8% rise in 3i Infrastructure PLC's share price during the period. 3i Group owns around 29% of the FTSE 250-listed infrastructure investor.
3i Group Chief Executive Simon Borrows said: "We have started FY2026 well, with the Private Equity and Infrastructure portfolios trading in line with our expectations.
In June, the company signed a deal to sell premium, natural pet food maker MPM to Partners Group. 3i Group at the time said total gross proceeds were estimated at around GBP400 million, a 17% uplift to a March 31 valuation.
"The MPM transaction also provided further evidence of how our active asset management can lead to material value creation over time," Borrows said on Thursday.
The CEO continued: "Action had a good first half, with trading across the majority of its key financial metrics well ahead of the same period last year, and with notable milestones achieved, including its 3000th store and a very strong start from the first five stores in Switzerland.
"Against an uncertain macro-economic and geopolitical environment, we continue to focus on actively managing our portfolio and remain cautious on pricing for new investment."
3i shares were down 1.8% to 4,266.00p each in London on Thursday morning.
By Eric Cunha, Alliance News news editor
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