10th Nov 2016 07:37
LONDON (Alliance News) - Private equity and venture capital company 3i Group PLC declared a 33% dividend hike with its interim results on Thursday and said it is in a good position to weather political and financial instability.
FTSE 100-listed 3i reported its net asset value per share increased to 551 pence at September 30 from 463p at March 31. 3i said its total return for the six month period was 23% of opening shareholders' funds, a total of GBP1.0 billion.
3i declared an interim dividend per share of 8.0 pence, up from 6.0p the year before, and said it expects to recommend a total dividend for its current financial year of no less than the 22.0p paid out last year.
During the period, 3i received a private equity gross return of GBP989 million and an infrastructure return of GBP90 million. 3i realised proceeds of GBP654 million from its private equity investments in the period and invested a further GBP291 million.
3i said its previously announced sale of its Debt Management division to Investcorp for cash proceeds of GBP222 million is expected to completed by March 31, 2017.
"3i continues to benefit from its clear strategy and a portfolio with limited exposure to the repercussions caused by the current geopolitical and financial market volatility. We are navigating these challenges from a position of strength; our diverse portfolio, rigorous investment processes and robust balance sheet underpin our confidence about the future success of the group," said Simon Borrows, chief executive.
By Adam Clark; [email protected]
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