3i cautious as it posts 18% annual total return

3i said it was cautious about market conditions as the investment company reported a total return of 18% for last year.

The FTSE 100 company's total return for the year to the end of March was £1.25bn, or 18%, compared with £1.43bn, or 24%, a year earlier. 3i's net asset value per share rose to 815p from 724p.

3i's infrastructure fund generated a total shareholder return of 33%, helped by the sale of its stake in Cross-London Trains. The private equity business posted a gross investment return of £1.15bn or 20% driven by assets such as Action, the division's biggest investment, and Cirtec Medical.

The company said it was wary about this year as political and economic uncertainty combined with an increase in funds looking to invest in its markets.

Simon Borrows, 3i's chief executive, said: "3i continued to perform well in full-year 2019. In very competitive markets, we remained disciplined investors … We remain cautious in this environment, which will lead us to be careful about the pricing of new investments and to deploy further capital in companies we already know well.

"The group's portfolio of investments is positioned well and has good momentum for further growth. We have a clear strategic focus and will use our active management processes to deliver another good year of progress for our shareholders. "

3i shares fell 0.4% to £10.49.5p at 0854 BST.