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3i : III – annual results

3i, run by Simon Borrows (pictured), has released its results for the year ended 31 March 2014. Over the period 3i delivered a net asset value total return of 16.3%  – ending the year with a net asset value of 348p (up from 311p). The return to shareholders was 30% as the share price rose in response to Sherborne’s interest in the company.

3i say they have achieved a reduction in ongoing overhead of £70m per annum. Ongoing expenses for the year were 1% (down from 1.3%).

3i’s outstanding debt was reduced to £857m as it sold £677m of investments, mostly from the private equity portfolio (realising 1.8x the value of their investment on average) – net of cash, 3i had debt of £160m at the year end.

The fixed interest business launched 4 CLOs during the year. Overall the third party fund management operations increased assets under management from £9.18bn to £9.51bn.

3i also concluded the acquisition of Barclays European infrastructure business during the period.

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