Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
3i Infrastructure PLC on Wednesday said annual profit was down despite reporting a total return ahead of expectations.
The Jersey-based infrastructure investment trust said net asset value at March 31 was 362.3 pence per share, down 7.2% from 336.2p a year ago.
NAV total return for the financial year ended March 31 was 11.4%, compared to 14.7%. This is ahead of its target of between 8% and 10%.
Net gains on investments fell 47% to £180 million from £338 million the year before.
Pretax profit was also lower at £347 million, a 12% decrease from £394 million a year prior. This was partly due to higher finance costs of £35 million, up from £16 million the year before.
3i Infrastructure added that it recommended a final dividend of f 5.95p per share, up 6.6% from 5.58p a year ago, bringing its full-year dividend to 11.90p per share.
Chair Richard Laing said: ‘3i Infrastructure continues to deliver long-term, sustainable returns. I am pleased to report that we achieved another year of outperformance, with a total return of 11.4% in the year ended 31 March 2024. This is the tenth consecutive year that the company has met or exceeded its target return.’
Shares in 3i Infrastructure were up 0.2% at 339.59 pence each in London on Wednesday morning.
Copyright 2024 Alliance News Ltd. All Rights Reserved.