Business
Q3 Performance update
Q3 Performance update.
About this update from 3i Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7699Z\n 3i Group PLC\n 27 January 2022\n \n \n \n \n \n \n \n 27 January 2022\n \n \n \n \n \n 3i Group plc\n \n \n FY2022 Q3 performance update \n \n \n \n \n \n \n \n \n \n \n \n \n Continued good performance across the Group\n \n \n · \n Increase in NAV per share to 1,235 pence (30 September 2021:1,153 pence) despite the negative translation effect of sterling strengthening in the quarter (21 pence)\n \n \n · \n Total return of 32.6% for the nine months to 31 December 2021, with continued good performance across both investment portfolios\n \n \n · \n Strong sales, EBITDA and cash generation from Action notwithstanding significant Covid-19 and supply chain disruption \n \n \n · \n Private Equity business completed £310 million of investment in the quarter including new investments in Dutch Bakery and Mepal, a co-investment in insightsoftware and two transformational bolt-on acquisitions for GartenHaus and ten23 health. In addition, five bolt-on acquisitions were completed across the portfolio, with no additional funding from 3i and a further two bolt-on acquisitions were signed \n \n \n · \n Strong cash generation from the Private Equity portfolio with combined realised proceeds of £491 million from the divestment of Magnitude Software and partial divestment of Basic-Fit\n \n \n \n \n \n \n \n \n \n Simon Borrows, Chief Executive, commented: \n \n \n \n \"\n \n We saw continued, resilient performance from both our investment portfolios as well as a good level of cash realisations. There was also further bolt-on activity and several new investments in the quarter. Action continues to perform very well and delivered impressive results given the Covid-19 related challenges in 2021. 3i is well set for a strong close to our financial year end in March.\" \n \n \n \n \n \n \n \n \n Private Equity\n \n \n \n \n \n Portfolio performance and valuation at 31 December 2021\n \n \n \n \n \n In the 12 months to 2 January 2022, Action generated net sales growth of 23% (52 week comparison) and added 267 stores, taking its total to 1,983 stores across nine countries. Provisional 2021 EBITDA, which is still subject to audit, was €828 million, 36% ahead of 2020 (52 week comparison). Net sales (€6,834 million) and EBITDA were 34% and 53% ahead of 2019. Co...