Business
Results for the year to 31 March 2023
Results for the year to 31 March 2023.
About this update from 3i Group Plc
[{"type":"text","content":"\n\n \n11 May 2023\n \n \n3i Group plc announces results for the year\nto 31 March 2023\n \n \n \nVery strong FY2023 performance in challenging markets\n \n• Total return of £4,585 million or 36% on opening shareholders' funds (2022: £4,014 million, 44%) and NAV per share of 1,745 pence (31 March 2022: 1,321 pence). This includes a 65 pence per share gain on foreign exchange translation.\n \n• Our Private Equity business delivered a gross investment return of £4,966 million or 40% (2022: £4,172 million, 47%). This result was driven primarily by Action's very strong performance in FY2023, with a good contribution from a number of our other portfolio companies operating in the value-for-money and private label, healthcare, industrial technology and business and technology services. We saw weaker trading in a small proportion of our portfolio, most notably our discretionary consumer segment.\n \n• Action delivered annual revenue growth of 30% and EBITDA growth of 46% in 2022 and has started 2023 well. Action's LTM run-rate EBITDA to P3 2023, which ended on 2 April 2023, was €1,439 million (3 April 2022: €1,012 million), representing a 42% increase over the same period last year. This strong performance supported value growth of £3,708 million for Action in the year, in addition to cash dividend distributions to 3i of £325 million.\n \n• The Private Equity team invested £381 million in the year, deploying capital in four new investments and three bolt-on acquisitions. In addition, our Private Equity portfolio companies completed a further eight bolt-on acquisitions funded through their own balance sheets. Realisations from the Private Equity portfolio totalled £857 million in the year and included the sales of Havea and Christ at uplifts of 50% and 45% respectively to their opening values, as well as the sales of Q Holding's QSR and Precision Components businesses, and of its Twinsburg site.\n \n• Our Infrastructure business generated a gross investment return of £86 million, or 6% (2022: £241 million, 21%). This return was impacted by the decline in the share price of 3i Infrastructure plc (\"3iN\"), despite its strong NAV return in the year, offset in part by...