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.
Most watched Money videos
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- Mail Online takes a tour of Gatwick's modern EV charging station
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Mercedes has finally unveiled its new electric G-Class
- Mini celebrates the release of brand new all-electric car Mini Aceman
- Mini Cooper SE: The British icon gets an all-electric makeover
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Top Gear takes Jamiroquai's lead singer's Lamborghini for a spin
- Incredibly rare MG Metro 6R4 rally car sells for a record £425,500
- Kia's 372-mile compact electric SUV - and it could costs under £30k
- Leapmotor T03 is set to become Britain's cheapest EV from 2025
- Introducing Britain's new sports car: The electric buggy Callum Skye
- London-listed firms dish out £12bn in dividends in three...
- Why economists are telling women: You MUST have more...
- Interest rate cuts could crash copper prices, analysts warn
- UK businesses urge Labour to scrap the 'tourist tax' to...
- CITY WHISPERS: North Sea tax gushers to dry up under Labour
- Local councils urged to save Woodsmith workers at Anglo...
- Ten tricks from financial experts that can slash the cost...
- MIDAS SPECIAL: Yes, the UK market is bursting back to...
- UTILICO EMERGING MARKETS: Building a better future -...
- Glencore eyes bid for Anglo American coking coal assets
- The money experts' guide on how to invest £10,000 at...
- Dodgy Dyllan owes couple £2k after failing to service...
- The Elizabethan manor I bought for £100k has been a huge...
- Spare us politicians' quick fixes: We need more...
- Centrica in showdown over chief's £8.2m pay as customers...
- JEFF PRESTRIDGE: Lloyds' 40% interest rate - customers...
- Vodafone completes sale of its Spanish operations for £4.3bn
- MARKET REPORT: JD Sports drags its feet as few spend big...