Coronavirus Update

3i Infrastructure - Half-year Report

This content has been sourced from: https://www.investegate.co.uk/3i-infrastructure/rn...

Results for the six months to 30 September 2020

On track to deliver increased   FY21 dividend of 9.8 pence per share.

Performance highlights

£84m,  3.8% Total return

259.4p
NAV per share

Resilient portfolio underpinning growth in net asset value ('NAV')

£48m
Total income and non-income cash

Good level of income and non-income cash to support the dividend

£360m

Cash balances

Strong liquidity position to make new investments

4.9p
Interim dividend per share

On track to deliver the FY21 dividend target,

6.5% higher than FY20

Richard Laing, Chair of 3i Infrastructure plc (the 'Company')

"I am pleased with the resilient performance in the first half which demonstrates the overall strength of our portfolio, particularly in light of the ongoing Covid-19 pandemic.  We are on track to deliver our dividend target, which is 6.5% higher than last year."

Performance

The Company generated a total return of 3.8% on opening NAV for the first half of the year.  The NAV per share increased to 259.4 pence.  The portfolio overall is performing in line with expectations, both financially and operationally, with our Investment Manager driving value growth over the period through active asset management of the portfolio. 

The Company delivered a Total Shareholder Return ('TSR') of 18.9% in the period (FTSE 250: 16.0%).  Since IPO, the Company's annualised TSR is 12.7%, comparing favourably with the broader market (FTSE 250: 6.1% annualised over the same period).  The Company has achieved this outperformance with a low correlation to the broader equity market.

Interim dividend

The Board is announcing the payment of an interim dividend of 4.9 pence per share, scheduled to be paid on
11 January 2021 to holders of ordinary shares on the register on 27 November 2020.  The ex-dividend date will be 26 November 2020.  As an investment trust, the Company is permitted to designate dividends wholly or partly as interest distributions for UK tax purposes.  The Board is designating 3.9 pence of the 4.9 pence interim dividend as an interest distribution. 

Corporate governance

The Company's Annual General Meeting was held on 9 July 2020.  All resolutions were approved by shareholders, including the re-election of the existing Directors and the election of Samantha Hoe-Richardson as a Director to the Board.