3i Infrastructure says it generated a total return of GBP74 million in the six months to 30 September 2016, or 5.0%, in line with its target of 8% to 10% per annum to be achieved over the medium term. Foreign exchange movements in the period, following the depreciation of sterling, contributed 1.2% to the total return. The NAV per share increased to 165.7 pence. The return to shareholders was 16.5%(FTSE 250 7.8%). They say they are on track to deliver the target dividend for FY2017 of 7.55 pence and are announcing the payment of an interim dividend of 3.775 pence per share.
They spent £287m on four new projects during the period, WIG, TCR, Valorem and the Hart van Zuid PPP Project, and, since the end of the period, they have announced the Infinis deal. This means that they have invested the money they raised earlier in the year.
Ben Loomes and Phil White, Managing Partners and Co-heads, Infrastructure, 3i Investments plc, said: “The portfolio has performed well in the first half of FY17, with strong NAV growth and continuing good progression in portfolio income. We have successfully converted four of the opportunities that we had identified prior to raising equity, meaning that the majority of the equity issue proceeds have now been deployed. These investments will provide further income and diversification to the portfolio, and underscore our ability to secure attractive opportunities in this competitive market. Whilst we continue to see a good flow of new investment opportunities, we remain disciplined and focused on maintaining a balanced and attractive portfolio for shareholders.”
3IN : 3i Infrastructure on track as it deploys its cash pile