Business
FY2019 Q1 performance update
FY2019 Q1 performance update.
About this update from 3i Group Plc
[{"type":"text","content":"\n \nRNS Number : 6483V 3i Group PLC 25 July 2018 \n\n25 July 2018\n \n\n3i Group plc\nFY2019 Q1 performance update \n \n\n\n\n\nA good start to the year \n \n· NAV per share of 760 pence and total return of 5.1% for the three months to 30 June 2018\n \n· Cash realisations of £337 million in the quarter, net of the £535 million reinvestment in Scandlines\n \n· Completed two new Private Equity investments in Royal Sanders and International Cruise and Excursions (\"ICE\") totalling £245 million\n \n· Advised 3i Infrastructure plc (\"3iN\") on its investment in Attero and a further investment for Infinis, Alkane Energy\n\n\n\n\n \nSimon Borrows, Chief Executive, commented:\n \n\"This was another productive quarter for 3i with good portfolio performance as well as significant investment and realisation activity. We completed the Group's sale and reinvestment into Scandlines, two new Private Equity investments and advised 3iN on its investments in Attero and Alkane Energy. Our balance sheet is strong but we remain cautious about the pricing of new investments in the current environment. Overall, our portfolio of international companies remains well positioned, despite the macro uncertainties, to deliver another year of good earnings growth.\"\n \n \nPrivate Equity\nPortfolio performance\nThe Private Equity portfolio generated good returns in the quarter. The majority of the portfolio performed well with notable value growth increases from Action, Basic-Fit, Cirtec Medical and Etanco.\n \nPrivate Equity investments\nWe completed our £135 million investment in Royal Sanders, a private label and contract manufacturing producer of personal care products, in April 2018. In June 2018, we completed our £110 million investment in ICE, a global travel and loyalty company that connects leading brands, travel suppliers and end consumers. In addition to our proprietary investment, we continue to originate acquisition opportunities for our portfolio companies. In the quarter, Royal Sanders announced its first acquisition under our ownership and there is a good pipeline of other acquisition opportunities across the portfolio, the majority of which are expected to be funded by the compani...