3i Group NAV grows, on track to deliver target dividend for FY18
Source - SMW
3i Infrastructure reported NAV increased 15% to 199.0 pence per share for the fiscal third quarter and expects to deliver its target dividend of 7.85 pence per share for the full year 2018.
The company said the portfolio overall continued to perform broadly in line with expectations as total portfolio income and non-income cash reached £43.4 million in the period.
3i reported two divestments during the period generated an estimated gross proceeds of £1,120m, which included the sale of both the company's stake in Elenia for estimated gross proceeds of £725m and the company's stake in Anglian Water Group for estimated gross proceeds of £395m.
'The outcomes achieved on the two sale processes have delivered outstanding returns,' said Phil White, Managing Partner and Head of Infrastructure, 3i Investments plc, Investment Adviser to the Company.
Three investments were also announced during the period: £187 million to acquire a majority position in Wireless Infrastructure Group, £21 million in ESVAGT to provide funding for growth in the offshore wind service business, while £12 million was invested in Infinis to fund organic growth.
Richard Laing, Chairman of 3i Infrastructure, said: 'The Board is delighted with the performance of the Company over the period.'
'The realisations achieved by the Investment Adviser have generated exceptional value for shareholders.'
'The additional investment in WIG is further demonstration of the investment opportunity within the portfolio. We continue to develop our pipeline across the Company's target markets and we see good prospects for future investments in the coming months.'
At 8:16am: (LON:III) 3i Group PLC share price was +0.8p at 935.8p