- 3i Group
- 30 January 2025 08:08:20
Source: Sharecast
Group net asset value per share increased to 2,457p by 31 December, up from 2,261p at the half-year stage (30 September), despite a negative foreign exchange translation impact of £476m of 49p per share. 3i reported a total return of 20% for first nine months of its financial year in total.
Dutch non-food discount retail chain Action, which comprises two-thirds of 3i's portfolio (£15.5bn) by value, is said to have produced "another outstanding result with very strong sales, EBITDA and cash generation in 2024. Revenues and operating profits at Action in the 2024 calendar year were 22% and 29% ahead of 2023, respectively. 3i received a £215m dividend from Action in December.
"Action's excellent 2024 result is another step in its remarkable growth journey and it has had a good start to 2025," said chief executive Simon Borrows.
The company's next largest investment is in 3i Infrastructure, the UK-listed infrastructure investment vehicle in which it owns a 29% stake, which saw its share price fall by 7% in the third quarter, valuing 3i's shareholding at £853m.
Meanwhile, the majority of 3i's remaining private equity portfolio was said to have performed "resiliently", though a small number of assets exposed to discretionary consumer spending and the recruitment market continue to experience challenging conditions.
"We continue to see some significant growth within our other leading consumer and private label portfolio companies, more than offsetting weaker trading at a small number of companies which continue to face specific market challenges," Borrows said.
Heading into the final quarter, Borrows said the board remains "cautious on the macroeconomic and geopolitical environment" but believes 3i is "well positioned for a strong financial year".
The stock was down 0.7% at 3,786p in early deals on Thursday.
