Portfolio income continues to rise at 3i Infrastructure
Long-term infrastructure investor 3i Infrastructure reported total portfolio income of £20.8m in the three months to 30 June on Thursday, with non-income cash of £17.7m also received over the quarter.
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The FTSE 250 company said its portfolio was continuing to perform in line with expectations.
It claimed to have maintained an “efficient” balance sheet, with ongoing liquidity available through its revolving credit facility.
At 30 June, the company held £47.2m in cash and the RCF was £151.1m drawn, including £31.1m for letters of credit.
The undrawn RCF balance was £348.9m, including a £200m temporary additional facility.
3i Infrastructure would pay a final dividend for 2017 of 3.775p per share on 10 July.
“The board is pleased with the performance over the period, in particular with the strong level of income from the portfolio,” said chairman Richard Laing.
“We are on track to deliver our FY18 target dividend of 7.85p per share."
The portfolio income - that is, dividends, interest receivable and any fees received from portfolio assets - of £20.8m compared to £13.1m in the same period last year.
Non-income cash received of £17.7m increased from £7.6m year-on-year.
In total, portfolio income and non-income cash to support the dividend was £38.5m, compared to £30.9m received in the previous quarter to 31 March.
“The team has been working actively on the company's newer acquisitions, including reviewing potential follow on investments, and on seeking new investments in the company's target markets of economic infrastructure and greenfield projects,” commented Phil White, managing partner and head of infrastructure at the company’s adviser 3i Investments.