3i Group PLC on Thursday said its largest investee Action is off to a ‘strong start’ this year, and said its other portfolio companies are showing ‘overall resilience’.

The London-based private equity and venture capital investor released the comments ahead of a capital markets seminar set for later on Thursday morning.

It said this will include a presentation on results and strategy from the management team of Action, a Dutch non-food discount retailer in which 3i Group owns an approximate 55% stake.

3i said Action ‘has seen a strong start to 2024 across all its geographies’. Over the first 11 weeks of the year, it said Action’s net sales totalled €2.5 billion, up 21% on the same period in 2023. Like for like sales growth was 9.6%.

Action had cash and equivalents totalling €1.08 billion at March 17, slightly down from €1.09 billion at December 31. 3i added that Action, having paid an interim dividend in December, plans to make another dividend payment in the last week of March.

3i also said it will publish its full-year results in May, and that it has recently completed semi-annual review meetings with its portfolio companies.

‘The rest of the 3i portfolio continues to demonstrate overall resilience with the majority of companies showing good momentum into 2024,’ the company commented.

3i Group shares were up 3.8% at 2,625.00 pence on Thursday morning in London.

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