3i Group PLC on Thursday upped its dividend on full-year results that were supported by robust contributions of portfolio firms in the healthcare and consumer sector.

The London-based investment company made a total return of 44% in the financial year ended March 31, beating the previous year’s return of 22%.

3i’s net asset value per share stood at 1,321 pence, up 39% from 947p the year before.

Operating pretax profit more than doubled to £4.02 billion from £1.85 billion.

The company credited its results to a particularly strong performance by the retail firm Action and other assets operating in the consumer and healthcare sectors.

‘In Action we have a formidable retail company that will continue to grow and thrive in today’s challenging environment. We also have a number of healthcare and consumer assets which have the potential to deliver significant longer-term compounding returns for the group,’ Chief Executive Simon Borrows said.

What’s more, the majority of its portfolio delivered strong earnings growth and cash generation.

The investor declared a final dividend of 27.25p per share, reflecting an increase of 30% from 21.0p per share a year earlier. This took its total payout for financial 2022 to 46.5p, up from 38.5p.

3i started 2023 with a strong momentum across the company and its portfolio.

It noted that the current geopolitical instability and wider implications for the macro-economic environment remain a key focus but stressed that it is confident in its ability to generate further growth.

It said that it has no direct exposure to Russia or Ukraine and that across its portfolios the exposure is ‘limited.’

3i Group shares were trading 2.3% lower in London on Thursday morning at 1,258.00 pence each.

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