3i Infrastructure reports 'strong momentum' for the half, says will hit dividend target

3i Infrastructure reported strong momentum in its portfolio companies over the first half and said it was on track to hit its full-year dividend target of 11.15p per share.

The infrastructure investor reported income of £73m and non-income cash of £25m for the six months ending on 29 September.

That compared to £56m of income and zero non-income cash during the comparable year ago period.

Scott Moseley and Bernardo Sottomayor, managing partners and co-heads of European Infrastructure, 3i Investments plc, highlighted the company portfolio's "proven resilience", telling investors that it was "structurally positioned to continue to deliver value growth in real terms".

"The market for infrastructure investments remains competitive, with significant fund-raising activity amongst our private markets' competitors and strong demand for quality infrastructure assets."

Infinis , Attero and Valorem meanwhile had made good progress on expanding their renewable energy development platforms.

TCR, the ground support equipment specialist, returned to its pre-Covid level of earnings before interest, taxes, depreciation and amortisation during the period, while ESVAGT had outperformed expectations for the half due to the emphasis on security of energy supply in Europe.

3i Infrastructure also said it remained confident in DNS:NET's ability to meet its targets for rolling out its fibre-to-the-home network in Berlin.

Aside from the recent refinancing of Tampnet, the Nordics-focused data centre services provider, no "material" refinancing requirements existed until 2026.

Over 85% of the company's long-term debt facilities were hedged or fixed rate and its £900m revolving credit facility had been extended until November 2025.

The full-year dividend was seen increasing by 6.5% versus FY2022 and was expected to be fully covered.

As of 1110 BST, shares of 3i Infrastructure were trading up by 2.95% to 297.0p.