Business
FY2023 Q1 performance update
FY2023 Q1 performance update.
About this update from 3i Group Plc
[{"type":"text","content":"\n \n \n 21 July 2022\n \n \n \n \n \n 3i Group plc\n \n \n FY2023 Q1 performance update\n \n \n \n \n \n A good start to FY2023\n \n \n \n \n \n ·\n Increase in NAV per share to 1,406 pence (31 March 2022: 1,321 pence) and total return of 6.6% for the three months to 30 June 2022.\n \n \n ·\n A resilient quarter from the Private Equity portfolio with strong contributions from Action, AES, Dynatect, MAIT, nexeye (previously known as Hans Anders), SaniSure, Tato and WilsonHCG. 90% of our top 20 Private Equity companies by value grew their earnings to March 2022. The return for the quarter included material reductions in the value of two non-discount consumer companies, Luqom and GartenHaus.\n \n \n ·\n Very good sales and EBITDA growth from Action in the quarter. Sales for the quarter were €2,061 million, 22% above 2021 and 70% above 2019. EBITDA for the quarter was €263 million, 29% above 2021 and 115% above 2019. Action's LTM operating EBITDA to 3 July 2022 was €991 million.\n \n \n ·\n Announced the sale of Havea for expected proceeds of c.€540 million, representing a c.50% uplift on the value at 31 March 2022, resulting in an estimated sterling money multiple of 3.0x and IRR of 23%. Completed the sale of Q Holding's QSR division for proceeds of £190 million, meaning our sterling money multiple, including our remaining value in Q Holding, is 2.7x.\n \n \n ·\n Signed three new Private Equity investments in the quarter and announced a fourth new investment in July 2022. All are expected to complete by the end of Q2 FY2023.\n \n \n ·\n 3i Infrastructure plc (\"3iN\") completed the sale of its European projects portfolio to the 3i European Operational Projects Fund for £106 million.\n \n \n ·\n Recognised a £332 million (or 34 pence per share) gain on foreign exchange in the quarter, net of hedging, as sterling weakened against the euro and US dollar.\n \n \n \n \n \n \n \n \n Simon Borrows, Chief Executive, commented:\n \n \n \n \n \n \n \n \n \"3i has made a good start to its new financial year. Both portfolios are trading resiliently in the current environment and Action is continuing to grow at an impressive rate. We have already announced a number of new investments this year and executed realisations at significant premiums to their carrying values in recent months, underlining the quality of ou...