NAV continues to progress at 3i Group

The FTSE 100 company said that made for a total return of £655m, or 11% of opening shareholders' funds.

It said private equity performed “well” in the six month period to 30 September, with strong performances from Action, Scandlines, ATESTEO, Audley Travel, Basic-Fit, Q Holding and Aspen Pumps contributing to its gross investment return of £715m.

3i completed four new private equity investments totalling £514m in the half-year, in Hans Anders, Formel D, Lampenwelt and Cirtec Medical.

It also saw “significant growth” of the third-party infrastructure fund management business, including the addition of £830m of assets under management in two new European infrastructure funds.

Additionally, the company announced its first North American infrastructure investment, Smarte Carte.

On the financial front, 3i Group said it had a “strong” balance sheet, which supported the increase in investment activity, resulting in net debt of £48m at 30 September.

A “good” pipeline of investments and realisations was in progress, the board reported, which were expected to complete in the second half.

The board also declared an interim dividend of 8p, in line with its dividend policy.

“This was another good half for 3i,” said chief executive Simon Borrows.

“We used our strong balance sheet to invest in some attractive and well-priced businesses in private equity and added £830m of assets under management in infrastructure.

“Our private equity portfolio has been transformed over recent years and is on track to deliver another year of strong growth.”