29th Jul 2015 07:05
LONDON (Alliance News) - 3i Group PLC Wednesday said it made a "productive start" to its financial year, citing "good" activity across the business, although it was hit by the strength of sterling against the euro and the dollar.
The private equity investor said its net asset value per share was 400 pence at the end of June, following a 9 pence deduction for foreign exchange, up from 396p at the end of March.
"Our private equity portfolio continued to perform well and saw good earnings growth and realisations. Our debt management team made good progress on fundraising and new product development and infrastructure continued to develop its investment pipeline," Chief Executive Simon Borrows said in a statement.
"While our portfolio valuations continue to be affected by the strength of sterling and we cannot be immune to wider political and economic conditions, the favourable transaction market enabled us to realise a number of smaller assets at attractive valuations and we leveraged our sector expertise to announce two new private equity investments at sensible prices," Borrows added.
By Samuel Agini; [email protected]; @samuelagini
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