7th May 2020 10:54
(Alliance News) - 3i Infrastructure PLC on Thursday upped its dividend for the most recently ended financial year despite slip in profit.
The FTSE 250 stock was trading 3.4% higher in London on Thursday at 261.65 pence a share.
The Jersey-headquartered infrastructure project investor reported net asset value per share increase to 254.5p as at March 31, compared to 234.7p reported a year prior.
Portfolio asset value slipped slightly during the year to GBP1.65 billion from GBP1.68 billion, 3i said.
Pretax profit fell, however, to GBP224 million from GBP259 million year-on-year as net gains on investments shrank to GBP128 million from GBP213 million.
"Covid-19 will affect all businesses but the portfolio is so far proving resilient, reflecting the essential nature of the services delivered," said Chair Richard Laing.
"The strength of our portfolio and liquidity position gives us the confidence to set a target dividend of 9.8 pence per share for financial 2021, an increase of 6.5%," added Laing.
For financial 2020, 3i declared a dividend of 9.2p, up 6.4% on the prior year.
By Evelina Grecenko; [email protected]
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