3i Infrastructure 'delighted' as investment portfolio delivers £157m return

James Warrington
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The increase in total return shows 3i’s investment decisions are paying off (Source: Getty)

British infrastructure investment fund 3i today hailed a rise in net asset value per share today as its portfolio delivered a return of £157m.

The figures

The fund's total return rose to £157m for the six months to September, up from £121m for the same period last year.

This represents a 9.3 per cent return on its opening net asset value, up 7.1 per cent from September 2017.

The total net asset value per share rose to 226.4p from 211p in March 2018.

Total income and non-income cash grew 64 per cent to £132.3m compared to the same period last year.

The company announced the payment of an interim dividend of 4.3p per share, scheduled to be paid in January.

Why it’s interesting

The fund invests primarily in economic infrastructure and greenfield projects in developed economies, and the latest results show its portfolio is performing in line with expectations.

The company's total return of nine per cent on opening net asset value for the first half was ahead of its target return of between eight and 10 per cent to be achieved over the medium term.

The fund also invested in waste management company Attero in June this year. In a clear indicator of its intention to diversify its portfolio, 3i has also made a £196m investment commitment in fibre telecoms company Tampnet.

What 3i said

Chairman Richard Laing said: “I am delighted with our performance in the first half of the financial year.

“The company continues to outperform its objectives and is on track to deliver the full year dividend target for FY19, up 10% from last year. We remain confident in our business model and strategy.”