1st Oct 2024 10:11
(Alliance News) - 3i Infrastructure PLC on Tuesday said it is on track to meet its financial 2025 dividend target after a good first half.
The Jersey-based infrastructure investment trust said total income and non-income cash was GBP103 million in the six months to September 30, in line with the prior year.
In a statement, the company said: "We are pleased to report another good performance, which extends our established track-record of consistent execution against our strategy. We have a portfolio of defensive businesses, in attractive growth markets."
3i Infrastructure said it is set to deliver its financial 2025 dividend target of 12.65 pence per share, up 6.3% from a year prior, which is expected to be covered by net income.
TCR continues to perform well with demand for its rental offering remaining strong, the firm said.
Elsewhere, Tampnet has performed well and is delivering earnings before interest, tax, depreciation and amortisation growth ahead of expectations in both the North Sea and the Gulf of Mexico, 3i Infrastructure commented.
ESVAGT continued its "robust performance and outperformed our investment case," while Global Cloud Exchange had a strong six months and also "outperformed our investment case", the firm noted.
SRL underperformed expectations driven by a reduction in roadwork activity by local authorities and telecommunications companies but it is anticipated that much of the reduction in demand will be temporary.
Ionisos has continued to experience some softness in its German operations, the company added.
Shares in 3i Infrastructure were down 0.2% to 340.75 pence in London on Tuesday morning.
By Jeremy Cutler, Alliance News reporter
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