3i Infrastructure PLC on Tuesday said its net asset value total return decreased in its latest half year, but raised its dividend with help from increased income and non-income cash.

The Jersey-based infrastructure investment trust said its NAV at September 30 was 351.4 pence per share, up from 336.2p at March 31. NAV total return was positive 6.3%, down from positive 9.3%.

3i shares were up 0.1% at 308.19p in London on Tuesday morning.

The company declared a dividend of 5.95p per share for the half year ended September 30, up from 5.575p the year before.

3i said this increased payout was supported by a ‘good level’ of total income and non-income cash, which increased to around £104 million from £98 million.

However, 3i said its pretax profit decreased to £191 million from £247 million, while its investment return fell to £215 million from £368 million.

Going forward, 3i said it is focused on maximising returns from its existing portfolio, with its ‘well-proven’ strategy of ‘supporting our portfolio companies to continue to deliver earnings growth, combined with occasional, well-managed exits’.

3i also said it is on track to reach its total dividend target of 11.90p per share for the current financial year ending March 31, up 6.7% from the prior year’s payout.

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