Business
FY2018 Q3 performance update
FY2018 Q3 performance update.
About this update from 3i Group Plc
[{"type":"text","content":"\n \nRNS Number : 5537D 3i Group PLC 01 February 2018 \n\n1 February 2018\n \n3i Group plc\nFY2018 Q3 performance update \n \n\n\n\n\nA positive quarter and on track to deliver another year of strong growth \n \n· NAV per share of 701 pence and total return of 19.4% for the nine months to 31 December 2017 \n \n· Private Equity cash realisations of £389 million in the nine months to 31 December 2017. In addition, announced the c.€307 million divestment of ATESTEO in December 2017\n \n· Completed two add-on investments in Cirtec Medical and Ponroy Santé, taking year to date Private Equity cash investment to £585 million \n \n· Strong performance from 3i Infrastructure plc (\"3iN\") as its share price increased by 7% in the quarter following the announcement of its divestments of Elenia and Anglian Water Group\n \n· Invested £167 million in our first US infrastructure investment, Smarte Carte, in November 2017 and disposed of our residual Debt Management investments, generating proceeds of £127 million\n\n\n\n\n \nSimon Borrows, Chief Executive, commented: \n \n\"This was another positive quarter for 3i. Action's expansion continued with the opening of 244 new stores in 2017, including six pilot stores in Poland. We announced the realisation of one of our 2013-2016 investments, ATESTEO, at an excellent money multiple of 4.4x. In addition, we completed our first US Infrastructure investment and two important further investments in Private Equity, reinforcing our strategy of building platform investments. We enter the final quarter of our financial year confident that our investment portfolio will deliver another year of strong growth.\"\n \n \nPrivate Equity\n \nPortfolio performance\nThe Private Equity portfolio had a good quarter. Action performed strongly again in 2017, with sales up by 28% and 244 new store openings in the year. In 2017, Action also commenced a significant investment programme across stores, supply chain, distribution, IT and human resources in order to meet the scale and breadth of its expansion programme. Action opened two distribution centres in France and Germany during the year. In the second half, it also instigated f...