3i Group PLC on Thursday said that portfolio company Action performed strongly in 2021, with both sales and earnings rising in the double-digits.

The London-based private equity and venture capital company said Action’s 2021 earnings before interest, tax, depreciation and amortisation rose 36% to €828 million.

Action is a Benelux-based discount retailer.

Net sales in the 2021 calendar year rose 23% year-on-year to €6.83 billion, with like-for-like sales growth at 11% despite many stores being closed as a result of public health measures.

The business added 267 net new stores to its portfolio and expanded its presence into the Italian market.

Action has seen a good start to 2022 across all its geographies, i3 Group said.

Turning to 3i Group’s wider portfolio, the company said it has seen strong momentum as its businesses emerge from the pandemic, with particularly good performance from our healthcare and consumer retail assets.

‘Inflation and supply chain challenges will be a focus this year and the majority of companies in our portfolio have plans to mitigate these issues,’ 3i Group said.

3i Group noted that it has no direct exposure to Russia or Ukraine.

‘We are reviewing our Private Equity and Infrastructure companies to understand the situation across the portfolio. Our initial review indicates that exposure is minimal, although one company has an operating subsidiary in Russia and that company is exploring how best to deal with the situation in the short term. Action has not been directly impacted and has no stores in that region,’ 3i Group said.

3i Group shares were down 0.7% to 1,327.50 pence each in London on Thursday morning.

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