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Results for the six months to 30 September 2020

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

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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.

 

Richard Laing
Chair

-Ends-

 

For further information, please contact:

Thomas Fodor, investor enquiries
Tel: 020 7975 3469

Kathryn van der Kroft, press enquiries
Tel: 020 7975 3021

 

Notes

This report contains Alternative Performance Measures (‘APMs’), which are financial measures not defined in International Financial Reporting Standards (‘IFRS’).  These include Total return on opening NAV, NAV per share, Total income and non-income cash and Total portfolio return percentage.  More information relating to APMs, including why we use them and the relevant definitions, can be found in the Financial review section and in the Company’s Annual report and accounts 2020.

For further information regarding the announcement of the results for 3i Infrastructure plc, including a live webcast of the results presentation at 10.00am today, please visit www.3i-infrastructure.com. The analyst presentation will be made available on this website.

 

Notes to editors

3i Infrastructure plc is a Jersey-incorporated, closed-ended investment company, an approved UK Investment Trust, listed on the London Stock Exchange and regulated by the Jersey Financial Services Commission.  The Company’s purpose is to deliver a long-term sustainable return to shareholders from investing in infrastructure.

3i Investments plc, a wholly-owned subsidiary of 3i Group plc, is authorised and regulated in the UK by the Financial Conduct Authority and acts as Investment Manager to 3i Infrastructure plc.

This statement has been prepared solely to provide information to shareholders.  It should not be relied on by any other party or for any other purpose.  It and the Company’s Half-yearly report may contain statements about the future, including certain statements about the future outlook for 3i Infrastructure plc.  These are not guarantees of future performance and will not be updated.  Although we believe our expectations are based on reasonable assumptions, any statements about the future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.

 

This press release is not for distribution (directly or indirectly) in or to the United States, Canada, Australia or Japan and is not an offer of securities for sale in or into the United States, Canada, Australia or Japan or in any other jurisdiction.  Securities may not be offered or sold in the United States absent registration under the U.S.  Securities Act of 1933, as amended (the ‘Securities Act’), or an exemption from registration under the Securities Act.  Any public offering to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and will contain detailed information about 3i Group plc, 3i Infrastructure plc, 3i India Infrastructure Fund and the Investment Manager, as applicable, as well as financial statements.  No public offering in the United States is currently contemplated.

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