LONDON (dpa-AFX) - 3i Group Plc (III.L) said that it will provide an update on the portfolio at its Annual General Meeting, which will be held on Thursday morning.
The British private equity and venture capital firm said that Action has continued to deliver very strong sales growth in the year to date. Like-for-like sales growth was 22% year to date as at the end of week 25 and net new stores openings of 84 are on track with its expansion plans and ahead of the 75 stores opened in the same period last year.
Action is set for another good quarter of profit growth and has a cash balance in excess of 660 million euros.
3i Group noted that the remainder of the Private Equity portfolio continues to demonstrate resilience with the majority of the portfolio trading well. Lower customer demand and inflation pressures continue to impact a small proportion of the portfolio.
The company said it remains confident that the 3i active management approach will build consistent value creation across the portfolio over the longer term.
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