LONDON (dpa-AFX) - 3i Group PLC (III.L), a private equity and venture capital company, reported that its NAV per share was 802 pence and total return was 13.9 percent for the nine months to 31 December 2018. This compares to NAV per share of 776 pence on 30 September 2018.
The company noted that the increase in NAV per share was driven by good growth in the quarter from Action, 3i Infrastructure plc, Aspen Pumps and Audley Travel.
3i said it completed the refinancing of Aspen Pumps which, together with the distribution from Audley Travel, returned cash of 74 million pounds to 3i. In addition, the company announced the sale of OneMed on 18 January 2019, with expected realization proceeds of about 100 million pounds.
The company noted that the Private Equity portfolio generated solid returns in the quarter. Action finished the year strongly with an excellent December contributing to revenue growth of 23 percent and very good cashflow for the year.
With the stabilization of supply chain performance in France in the final months of 2018, French like-for-like sales growth improved significantly in the December trading period.
In December 2018, the company announced Hans Anders' acquisition of 'eyes + more'. To support Hans Anders' investment, 3i invested 56 million euros in January 2019.
Simon Borrows, Chief Executive, said, 'Our Private Equity portfolio performed well, with Action, Aspen Pumps and Audley Travel generating good growth, and 3iN continued its strong run. Our balance sheet is well funded but we remain cautious about the pricing of private investments in the current environment and have continued to focus on bolt-on acquisitions.'
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