9th Jul 2020 09:56
(Alliance News) - 3i Infrastructure PLC on Thursday said income from investment portfolio was in line with expectations in the first quarter.
The company, which invests in infrastructure, said its portfolio continues to be resilient and its businesses remain well funded.
Total income and non-income cash was GBP24 million in the three months to the end of June, in line with expectations.
The FTSE 250-listed company said its cash balance as at the end of June was GBP420 million and the revolving credit facility of GBP300 million was wholly undrawn.
3i Infrastructure said it has a further GBP202 million in receivables due unconditionally in two equal instalments in December 2020 and December 2021, following the disposal in 2019 of Wireless Infrastructure Group.
Looking forward, the company said payment of the final dividend for financial 2020 of 4.6 pence per share will be made on Monday next week. It is on track to deliver a financial 2021 dividend target of 9.80 pence per share.
"During the period, we have strengthened our portfolio with a bolt-on acquisition for Infinis. The portfolio continues to prove its resilience in these market conditions, and has again delivered a good level of income," said Managing Partner Phil White.
"We have strong liquidity and are continuing to see a good flow of potential investment opportunities across our target markets, though we will remain patient and selective," added White.
3i Infrastructure shares were trading 1.8% higher in London on Thursday at 300.70 pence each.
By Evelina Grecenko; [email protected]
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