Business
FY2024 Q1 performance update
FY2024 Q1 performance update.
About this update from 3i Group Plc
[{"type":"text","content":"\n\n20 July 2023\n \n3i Group plc\nFY2024 Q1 performance update\n \n \n\n\n\n\nA good start to FY2024\n \n· Increase in NAV per share to 1,814 pence (31 March 2023: 1,745 pence) and total return of 4.1% for the three months to 30 June 2023, after the negative translation effect of sterling strengthening in the quarter (£331 million or 34 pence) \n· Very strong performance from Action in the quarter (P4-P6 2023), with net sales and operating EBITDA of €2,701 million and €374 million (P4-P6 2022: €2,061 million and €263 million)\n· In the six months to the end of Action's P6 (ending 2 July 2023), like-for-like (\"LFL\") sales growth was 21.8% primarily driven by high customer footfall, and Action's LTM operating EBITDA to the end of P6 was €1,439 million (LTM operating EBITDA to the end of P6 2022: €991 million), 45% ahead of the same period last year\n· Resilient performance from the majority of the remaining Private Equity portfolio, with notable contributions from Royal Sanders, AES, European Bakery Group and MAIT, offsetting softer performance in Tato, Luqom and Mepal\n· Investment activity focused on bolt-on transactions in the period including transformational transactions for the European Bakery Group\n· Successfully issued a €500 million euro bond, ending the quarter with gross cash of £660 million and gearing of 3%\n\n\n\n\n \nSimon Borrows, Chief Executive, commented:\n \n\"3i has made a good start to its new financial year with the Private Equity and Infrastructure portfolios trading resiliently. Action has achieved significant growth in its first half and generated impressive LFL sales growth with strong footfall and sales across all countries.\n \nThe macroeconomic environment is challenging at present and we remain cautious about the economic outlook. We will maintain our focus on active management of our portfolios and selective investment and realisation activity.\"\n \nPrivate Equity\n \nPortfolio performance and valuation at 30 June 2023\n \nAction continues to outperform our expectations. In the six months ending 2 July 2023, Action generated net sales of €5,186 million (2022: €3,885 million) and operating EBITDA of €683 million (2022: €449 million), ...