3i Group Total Returns Rise 93 Percent on Infrastructure GainsBy
3i Group Plc, the U.K.’s largest publicly traded buyout firm, said its full-year total return rose 93 percent amid gains in its private equity and infrastructure investments.
London-based 3i’s total return jumped to 1.59 billion pounds ($2.1 billion) in the year ended March 31, the company said in a statement Thursday. That compares to 824 million pounds in the same period a year earlier.
3i’s growth is coming as it scales down its operations to focus on its two principal businesses, private equity and infrastructure, following a strategic review in 2015. The company is working with advisers to find a buyer for Spanish funeral services provider Memora Inversiones Funerarias, people familiar with the matter said in March. It’s also working to sell its automotive testing business Atesteo GmbH, separate people have said.
“Our private equity and infrastructure businesses performed well and we simplified the group by selling our debt management platform,” Chief Executive Officer Simon Borrows said in the statement. “Our efforts over the last few years in reshaping the portfolio mean we are now able to focus on active asset management and origination.”
Excluding returns from the company’s debt management business, which was sold in March, returns were 1.5 billion pounds, 3i said. 3i’s net asset value per share increased to 604 pence from 463 pence a year earlier.
The private equity firm proposed a final dividend of 18.5 pence per share bringing the total to 26.5 pence per share for the fiscal year.
3i shares rose 0.2 percent to 840.50 pence in London trading on Wednesday. The stock has gained 19 percent this year, giving the company a market value of about 8.2 billion pounds.