3i Infrastructure says portfolio not hit as hard by the pandemic as feared

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3i Infrastructure PLC (LON:3IN) achieved a return of 9.2% for the year to the end of March as infrastructure assets “held up well” during the pandemic.

Net asset value per share rose to 268.1p in the year just ended from 254.5p the year before. The full-year dividend pay-out rose to 9.5p from 8.925p the previous year. The company is targeting a dividend of 10.45p for the current financial year.

Net gains on investments totalled £118mln, down from £128mln the previous year, while investment income slipped to £92mln from £123mln. Throw in fees payable on investment activities and interest receivable, and the investment return for the year was £220mln versus £254mln the preceding year.

Profit before tax fell to £206mln from £224mln the year before.

“I am pleased to report that we achieved a return of 9.2% in the year ended 31 March 2021, in line with our target and demonstrating the resilience of our portfolio. This is the seventh consecutive year that we have met or exceeded our medium-term return target, and we have increased the dividend per share in every year of the company’s existence,” said Richard Laing, the chair of 3i Infrastructure.

Phil White, the managing partner of infrastructure at 3i Investments PLC said the portfolio continued to be resilient during the coronavirus (COVID-19) pandemic and actually outperformed the expectations the management team had a year ago.

“We were pleased to announce a new investment in DNS:NET, a successful independent telecommunications provider and our first sizeable investment in the German infrastructure market. Competition for new investments is higher than ever and we remain very selective in pursuing new opportunities,” he added.

Shares in 3i Infrastructure were unchanged in early dealings.

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