3i Infrastructure on track after full deployment of cash

3i Infrastructure said its portfolio continues to perform in line with expectations and it remained on track to deliver a full year dividend of 7.55p per share.

All of the cash proceeds from the equity issue last summer were deployed during the year, finished off with the £185m invested in landfill gas business Infinis and a Dutch motorway project, with the investment adviser said to be pursuing "a range of potential new investments".

Cash in the bank stood at £22.3m and the undrawn balance of the revolving bank credit facility was £159m.

In a trading update before the FTSE 250 investment group entered its year-end close period, it confirmed that £38.8m of portfolio income was received between 1 October 2016 to 29 March with a further £11.2m expected before the end of the month. Non-income cash of £5.7m was also received.

This followed the portfolio income of £35.2m and £12.5m of non-income cash received in the first six months of the year.

Chairman Richard Laing said: "The company's portfolio continues to deliver income in line with expectations and we remain on track to deliver a full year dividend of 7.55p per share."

Phil White, managing partner and head of infrastructure at 3i Investments, the investment adviser to the company, added: "All of the equity issue proceeds from last summer have now been deployed. We are pursuing a range of potential new investments for the company."