3i Infrastructure PLC on Tuesday reported a rise in annual net assets and upped its payout.

The infrastructure investment company said its net asset value share at its March 31 year-end amounted to 303.3 pence, up 13% annually from 268.1p.

3i shares were 1.3% higher at 344.35p each in London on Tuesday morning.

‘The company delivered another year of outperformance which was underpinned by strong income and capital returns from the portfolio. A total of £980 million of new investments and commitments were made,’ 3i Infrastructure said.

3i Infrastructure lifted its annual payout by 6.6% to 10.45p per share from 9.80p in 2021. For 2023, it targets 6.7% annual dividend growth to 11.15p.

3i Infrastructure reported a total return on opening NAV of 17%, beating its 8% to 10% target for the eighth successive year.

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