3i Infrastructure says portfolio performed well in Q1

Total income and non-income cash was in line with expectations at £36m, up from £22m in the same period a year earlier.

The company said its portfolio companies have continued to perform in line with or ahead of the expectations set in March.

"The essential nature of the services provided by 3iN's portfolio companies ensures an element of pricing power that we expect to underpin a positive correlation between inflation and total portfolio value," it said. "3iN's portfolio companies are also part-funded with debt that is not inflation-linked, often fixed at attractive long-term rates."

3i also said it was on track deliver the FY23 dividend target of 11.15p per share, up 6.7% from FY22.

Scott Moseley and Bernardo Sottomayor, managing partners and co-heads of European Infrastructure at 3i, said: "We are delighted with the further investment in TCR which is consistent with our preference to invest further in existing portfolio companies."

3i announced last month that it had agreed to invest a further £334m in TCR, which provider ground support equipment rental solutions and services.