27th Jun 2024 08:58
(Alliance News) - 3i Group PLC on Thursday said the majority of its portfolio is "trading well", with Dutch discount retailer Action impressing.
Ahead of 3i's annual general meeting on Thursday, Chief Executive Simon Borrows said "Action continues to perform strongly". Action's like-for-like sales growth year-to-date is 9%.
"The like-for-like performance is a combination of a high volume of transactions, driven specifically by the sale of everyday necessities, and a negative price effect. We believe Action's approach of passing on price reductions to consumers as a result of its growing buying power will continue to underpin its sector-leading like-for-like performance over the medium term," Borrows added.
Action, established in 1993 in the Netherlands, is the fastest-growing non-food discounter in Europe with more than 2,300 stores across the Netherlands, Belgium, France, Germany, Luxembourg, Austria, Poland, the Czech Republic, Italy, Spain and Slovakia.
Borrows said the remainder of the Private Equity portfolio continues to demonstrate resilience with the majority of the portfolio trading well.
"The trends driving portfolio performance are consistent with those set out in our full-year results," he added.
Shares in 3i, the London-based private equity and venture capital company, fell 2.8% to 3,003.00 pence in London on Thursday. The wider FTSE 100 was virtually flat.
By Jeremy Cutler, Alliance News reporter
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