4 July 2024
3i Infrastructure plc - Performance
update Q1 FY25
Portfolio performing well, seeing continued
growth
3i Infrastructure plc ('3iN' or the 'Company') is an
investment company whose purpose is to invest responsibly in
infrastructure, delivering long-term sustainable returns to
shareholders and having a positive influence on our portfolio
companies and their stakeholders.
This statement relates to the period from 1 April 2024
to 30 June 2024 (the 'Period').
Scott Moseley and Bernardo Sottomayor, Managing
Partners and Co-Heads of European Infrastructure, 3i Investments
plc, Investment Manager of the Company, commented:
"We are pleased with our start to the year. Our
well-established portfolio continues to perform well and
we see attractive opportunities to invest in
our platform businesses to extend our track record of strong
returns."
Highlights
· During
the Period:
- TCR
continued to
outperform and has won
notable new contracts, including a large contract with Aviapartner
in the Netherlands, which maintains good momentum in that market
following completion of the previously announced acquisition of
KES.
- Tampnet
has had a robust start
to the year, delivering EBITDA growth ahead of expectations whilst
building on its attractive business development pipeline across
each of its business lines.
- ESVAGT continued its strong
performance. In April 2024, ESVAGT closed a further €200 million
committed debt facility at attractive rates, providing additional
capital in support of its fast-growing offshore wind vessel
pipeline.
- DNS:NET: Whilst it
remains relatively early to evaluate DNS:NET's performance against
the revised management plan, we are pleased with the progress that
management is making.
- Our other portfolio
companies are performing broadly in line with expectations set at
March '24.
·
Income in line with
expectations: Total income and non-income cash in the Period
was £49 million.
· Final FY24 dividend payment and FY25
target: Payment of the final dividend for FY24 of 5.95 pence
per share is due to be made on 12 July 2024. The Company is on
track to deliver the FY25 dividend target of 12.65 pence
per share, up 6.3% from FY24, which is expected to be covered by
net income.
·
Balance Sheet: At 30 June
2024, the Company had available liquidity of £347 million,
including a cash balance of £63 million, and undrawn commitments of
£284 million available under its £900 million Revolving Credit
Facility. Subject to approval at the Company's AGM on 4 July 2024,
this cash balance will be reduced by the payment of the final
dividend of £55 million on 12 July 2024.
Ends
For information, please contact:
Thomas Fodor
|
Shareholder enquiries
|
+44 20 7975 3469
|
Kathryn van der Kroft
|
Media enquiries
|
+44 20 7975 3021
|
About 3i
Infrastructure plc
3i Infrastructure plc is a
Jersey-incorporated, closed-ended investment company, an approved
UK Investment Trust, listed on the London Stock Exchange and
regulated by the Jersey Financial Services Commission.
The Company's purpose is to invest responsibly in
infrastructure, delivering
long-term sustainable returns to
shareholders and having a positive influence on its portfolio
companies and their stakeholders.
3i Investments plc, a wholly-owned
subsidiary of 3i Group plc, is authorised and regulated in the UK
by the Financial Conduct Authority and is the investment manager of
3i Infrastructure plc.
This
press release is not for distribution (directly or indirectly) in
or to the United States, Canada, Australia or Japan and is not an
offer of securities for sale in or into the United States, Canada,
Australia or Japan. Securities may not be offered or sold in
the United States absent registration under the U.S.
Securities Act of 1933, as amended (the 'Securities Act'), or
an exemption from registration under the Securities Act. Any
public offering to be made in the United States will be made by
means of a prospectus that may be obtained from the issuer or
selling security holder and will contain detailed information about
3i Group plc, 3i Infrastructure plc and management, as applicable,
as well as financial statements. No public offering in the
United States is currently contemplated.
This
statement aims to give an indication of material events and
transactions that have taken place in the period from 1 April 2024
to 30 June 2024 and their impact on the financial position of
3i Infrastructure plc. These indications reflect the
Board's current view. They are subject to a number of risks
and uncertainties and could change. Factors which could cause
or contribute to changes include, but are not limited to, general
economic and market conditions and specific factors affecting the
financial prospects or performance of individual investments within
the portfolio of 3i Infrastructure plc.