Business
FY2020 Q3 Performance update
FY2020 Q3 Performance update.
About this update from 3i Group Plc
[{"type":"text","content":"\n \nRNS Number : 3540B 3i Group PLC 30 January 2020 \n\n30 January 2020\n \n3i Group plc\nFY2020 Q3 performance update \n \n \n \n\n\n\nSolid underlying performance\n· Increase in NAV per share to 877 pence (30 September 2019: 873 pence) despite the negative translation effect of sterling strengthening in the quarter (£314 million), and total return of 10.1% for the nine months to 31 December 2019.\n \n· Very strong growth in the quarter from Action drove a solid result from the Private Equity portfolio.\n \n· Private Equity generated cash proceeds of £189 million in the quarter, mainly from the partial divestment of Basic-Fit and the distributions from Audley Travel and Hans Anders.\n \n· Signed the disposal of Aspen Pumps at an overall money multiple of 4.1x and a 34% IRR.\n \n· Completed two new Private Equity investments in Evernex and a bioprocessing platform and four further bolt-on acquisitions for ICE, Formel D, WP and Q Holding. \n \n· Another strong quarter from our Infrastructure team with the highly accretive sale of Wireless Infrastructure Group (\"WIG\") out of 3i Infrastructure plc (\"3iN\") and further rail investment in North America.\n \n· Transaction to provide liquidity to Eurofund V (\"EFV\") investors from the sale of their holding in Action, which successfully closed on 17 January 2020.\n\n\n\n \nSimon Borrows, Chief Executive, commented: \n \n\"This was a very busy quarter for the 3i team. We executed two outstanding realisations in the sale of Aspen Pumps from our Private Equity portfolio and WIG from 3iN. New investment and bolt-on activity has continued across both portfolios, as has refinancing activity. And, importantly, we successfully provided liquidity to the EFV investors in Action while the company has continued to drive sector-leading sales and profit growth as it expands across Europe.\"\n \n \nPrivate Equity\n \nPortfolio performance\n \nThe Private Equity portfolio generated good returns for the quarter. Action finished the year very strongly. In the twelve months to the end of December 2019, Action generated revenue growth of 21%, like-for-like (\"LFL\") sales growth of 5.6% and op...