3i shrugs off writedown on Enterprise
Shares in 3i jumped nearly 7% yesterday as investors brushed off a £198m writedown on the value of the fourth-largest company it owns.
Michael Queen, the private equity group's chief executive, admitted that the £486m it paid for outsourcing group Enterprise at the top of the market in 2007 was 'too high' and slashed its value.
But shares rose 18.2p to 289.9p as 3i quashed fears that more British businesses in its portfolio were suffering in the economic malaise.
Returns fell 20% to £324m in the year to the end of March but 3i raised its dividend by 20% to 3.6p.
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