3i Infrastructure on track to deliver full-year dividend after strong first half
By Abigail Townsend
Date: Thursday 08 Nov 2018
(Sharecast News) - Investment fund 3i Infrastructure said it was outperforming its own objectives as it posted a first-half return of nearly 10%.
The total return on opening net asset value was 9.3% for the six months to 30 September, ahead of the internal target of 8% to 10% for the full year. The total return was £157m, while net asset value was 226.4p per share, also ahead of company forecasts.
Total shareholder returns were 16.2%.
Chairman Richard Laing said: "The company continues to outperform its objectives and is on track to deliver the full-year dividend target, up 10% from last year. We remain confident in our business model and strategy."
The dividend target is currently 8.65p a share.
The closed-end fund, which had assets under management worth £1.8bn as of March 2018, makes long-term investments in mainly European infrastructure businesses and assets. Its three largest stakes are in Infinis, Wireless Investment Group and Cross London Trains, which buys new rolling stock for the Thameslink route. 3i Infrastructure said it was considering its options for Cross London Trains, including a possible sale.
Blue-chip private equity firm 3i holds owns a third of the FTSE 250 fund. Shares in 3i Infrastructure rose 1% after the update, to 247p.
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