3i Infrastructure on track for dividend after solid first quarter

3i Infrastructure said its portfolio performed in line with expectations in the first quarter and that it was on track for its annual dividend target.

The FTSE 250 investment company generated £23.7m of income in the three months to the end of June. At the end of the quarter the company, a subsidiary of 3i Group, had £42.7m of cash and undrawn credit of £233.6m.

During the quarter the company bought a 50% stake in Attero, a Dutch waste treatment and disposal company, for €200m (£177m) and Alkane Energy for £125m.

Richard Laing, 3i Infrastructure’s chairman, said: "The board is pleased with the performance over the period, and in particular the strong level of income from the portfolio. We are on track to deliver our FY19 target dividend of 8.65 pence per share."

Portfolio income, comprising dividends, interest paid and fees, was £22.2m, up from £20.8m a year earlier. Non-income cash fell to £1.5m from £17.7m.