30th Sep 2021 08:56
(Alliance News) - 3i Infrastructure PLC on Thursday said most of its portfolio companies have "met or exceeded" expectations in the first half, putting it on track to meet its dividend target for the 2022 financial year.
Shares were up 1.6% to 311.00 pence in London on Thursday morning.
In the first half of the financial year ending March 31, 3i Infrastructure made total income and non-income cash of GBP56 million, up 17% year-on-year from GBP48 million.
It puts the Jersey-based investment fund on track to pay 10.45p per share in dividends in financial 2022, an increase of 6.6% from the 9.8p per share paid in financial 2021.
Rescue ship operator Esvagt, cold sterilisation provider Ionisos and airport ground support equipment owner TCR were the portfolio companies whose performance was better than expected in the first half, the fund said.
3i Infrastructure said it has a "good level of liquidity" with a cash balance of GBP252 million on Wednesday.
Phil White, head of infrastructure at 3i Investments, said: "The key highlight during the period was the sale of Oystercatcher's European terminals at an attractive price.
"We have also seen strong performance from the portfolio, which has met our income expectations.
"We are progressing several potential investment opportunities across our target markets and have ample liquidity available to invest, but pricing in sale processes remains high and we continue to be patient and disciplined in selecting the best opportunities to pursue."
By Ivan Edwards; [email protected]
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