3i Group PLC Action Capital Markets Seminar & portfolio update
RNS Number : 6369S
3i Group PLC
18 March 2021
18 March 2021
3i Group plc
Action Capital Markets Seminar and portfolio update
3i will be holding a Capital Markets Seminar this morning,
involving a presentation from the management team of Action, our
largest portfolio company. Presentation materials will be made
available on 3i's website (www.3i.com) from 09:30 today. An
on-demand webcast of the seminar will also be available on our
website at the end of the day.
The lockdown situation across Europe remains fluid and Action's
trading performance in 2021 continues to reflect restrictions in a
number of countries. All but 18 stores in France, and all stores in
Belgium, Luxembourg, Austria and Poland are fully open and trading
strongly while stores in the Netherlands, Germany and the Czech
Republic are still operating under different forms of lockdown
restrictions. France, Belgium, Luxembourg and Poland have traded
very strongly since the start of the year with sales and EBITDA
materially ahead of budget and like for likes at least 25% ahead of
2020 for the first 10 weeks of the year.
Action lost significant sales compared to budget in the
Netherlands and Germany in January and February, although the
recent relaxation of restrictions has lifted trading in March which
is now moving up to budget levels in both countries. Product
availability across all countries is good and the Distribution
Centre network is operating well.
Current cash and liquidity at Action is at c. EUR525 million and
the business is on course to open a higher number of stores in Q1
2021 than the same period last year.
The remainder of the Private Equity portfolio continues to
demonstrate resilient performance and has significant momentum
moving into the next financial year, with a number of our portfolio
companies benefiting from a shift in societal trends towards
e-commerce, health and hygiene and value for money retail.
Over the course of the financial year, we have seen a reversal
in foreign exchange, as sterling has strengthened against both the
euro and US dollar. As noted in our Q3 performance update, based on
the balance sheet as at 31 December 2020, a 1% movement in the euro
and US dollar results in a total return movement of GBP62 million
and GBP13 million respectively, net of any hedging.
- Ends -
For further information, contact:
3i Group plc
Silvia Santoro Tel: +44 20 7975 3258
Investor enquiries Email: firstname.lastname@example.org
Kathryn van der Kroft Tel: +44 20 7975 3021
Media enquiries Email: email@example.com
Notes to editors:
About 3i Group
3i is a leading international investment manager focused on
mid-market Private Equity and Infrastructure. Our core investment
markets are northern Europe and North America.
For further information, please visit: www.3i.com .
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(END) Dow Jones Newswires
March 18, 2021 03:00 ET (07:00 GMT)