3i Infrastructure portfolio performing mostly ahead of expectations

Infrastructure investor 3i Infrastructure reported “strong level” of investment in new platforms and existing portfolio companies in an update on Thursday, with its portfolio delivering strong operational and financial performance over the last six months.

The FTSE 250 company said that in most cases, that performance was ahead of the expectations it set in September.

Income was as expected in the six months ended 30 March, with total income and non-income cash in line with expectations at £86m.

The company said that compared with £69 million of income and non-income cash received in the same period last year.

3i Infrastructure said it was on-track to meet its 2022 dividend target of 10.45p per share - a year-on-year increase of 6.6% - with the distribution expected to be fully covered.

The firm described its balance sheet as “efficient”, noting that in January it obtained an additional one-year credit facility of £400m from existing lenders.

As a result, its aggregate credit facilities totalled £1bn, giving “ample liquidity” to fund existing commitments and bid for new investment opportunities.

“We are delighted with the new investment commitments we have made, both in new businesses and in companies we already know well, and with the successful realisations at attractive prices of Oystercatcher's European terminals and the European projects portfolio,” said Phil White, managing partner and head of infrastructure at the company’s investment manager, 3i Investments.

“Our engaged asset management approach has continued to drive performance from the portfolio, ahead of our expectations.”

At 0917 BST, shares in 3i Infrastructure were up 0.29% at 351.01p.