20th Jul 2023 09:25
(Alliance News) - 3i Group PLC said its net asset value per share increased, and its remained highly cash generative in its first quarter.
3i, a London-based private equity and venture capital company, said its net asset value per share on June 30 was up 3.9% at 1,814 pence, up from 1,745p on March 31.
The company said recorded a total return of positive 4.1% for the three months period, which it said was driven by the negative translation effect of sterling strengthening in the quarter.
Action, 3i's largest portfolio company, had net sales of EUR2.70 billion, up 31% from EUR2.06 billion, and an operating earnings before interest, tax, depreciation, and amortisation up 42% at EUR374 million from EUR263 million.
3i said Action remains highly cash generative, ending the period with a cash balance EUR681 million.
"Action has achieved significant growth in its first half and generated impressive like-for-like sales growth with strong footfall and sales across all countries," said Chief Executive Simon Borrows.
3i said in the quarter it successfully issued an EUR500 million bond, ending the three months with gross cash of GBP600 million and a 3.0% gearing.
Gross debt on June 30 was up 55% to GBP1.20 billion from GBP775 million on March 31. Net debt increased 50% to GBP544 million from GBP363 million.
The company said its second Financial 2023 dividend of 29.75 pence per share will be paid on July 28.
Chief Executive Borrows said: "The macroeconomic environment is challenging at present and we remain cautious about the economic outlook. We will maintain our focus on active management of our portfolios and selective investment and realisation activity."
Shares in 3i were up 0.3% at 1,958.00 pence in London on Thursday morning.
By Will Neill, Alliance News reporter
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