31st Mar 2021 09:21
(Alliance News) - 3i Infrastructure PLC on Wednesday said its portfolio is performing well despite the continued effects of the pandemic, and it is on track to deliver on its full-year dividend target.
The Jersey-headquartered investment manager is a subsidiary of FTSE 100-listed private investor 3i Group PLC, which holds a 30% stake in 3i Infrastructure.
3i said its portfolio has continued to perform in line with its medium-term return target. Total income and non-income cash was GBP69 million in the six months to Tuesday, in line with expectations though down from GBP82 million a year ago.
"During the period we have been pleased by the performance of our portfolio. Our markets remain very competitive, but we have a good pipeline of potential acquisitions and continue to focus on investments that we believe will enhance the company's portfolio," said Phil White, managing partner and head of Infrastructure at 3i Investments, investment manager of 3i Infrastructure.
As at March 30, 3i's cash balance was GBP462 million, with a full revolving credit facility of GBP300 million undrawn and available to fund potential new investment opportunities.
3i Infrastructure said it is on track on deliver its dividend target for the year ending Wednesday of 9.80 pence per share, up 6.5% year-on-year.
Shares in 3i Infrastructure were down 0.3% at 294.00p in London on Wednesday.
By Zoe Wickens; [email protected]
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