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3i Group PLC on Thursday said it is on track of ‘good growth’ this financial year, despite pressure in its consumer discretionary sector investees amid tough economic conditions.
The stock was up 4.6% at 1,527.00 pence each in London on Thursday morning, the best FTSE 100-listed performer.
3i Group, whose investments range from infrastructure to retail, said its diluted net asset value per share at the end of its third quarter on December 31 grew 12% to 1,649p from 1,477p at the end of September.
‘The Private Equity and Infrastructure portfolio continues to demonstrate its resilience in challenging trading conditions. Our strategy of investing in assets backed by long-term, through the cycle growth trends means we are well-equipped to mitigate macroeconomic headwinds that are impacting a small pocket of the portfolio, most notably the discretionary consumer segment,’ 3i said.
Its investments include BoConcept, a Danish furniture retailer, and Belfast City Airport in Northern Ireland. By value, its largest investment is in non-food discount retailer Action, which operates in nations such as Netherlands, Belgium, France.
3i said its total realised proceeds in the third quarter amounted to £474 million, picking up from £193 million across the whole of the first-half, taking the year-to-date figure to £667 million.
It made £38 million worth of investments during the quarter.
By Eric Cunha, Alliance News news editor
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