Action continues to drive performance at 3i Group

(Sharecast News) - 3i Group reported a 3% total return for the three months ended 30 June on Thursday, with net asset value per share increasing to 3,131p from 3,030p despite a £276m negative foreign exchange impact. Action continued to drive performance, with six-month net sales rising 14% to €8.35bn and operating EBITDA increasing 13% to €1.11bn, while like-for-like sales grew 3.6%.

The FTSE 100 investment group said Action remained on track to open at least 400 stores this year after adding 121 in the first six periods, while 3i received £254m from its €450m dividend.

3i also invested £118m in Nutergia and said its wider private equity portfolio was trading in line with expectations.

Gross cash stood at £724m, gearing was 2%, and the company had spent around £344m of its £750m share buyback by 21 July.

At 0907 BST, shares in 3i Group were up 4.82% at 2,675p.

Reporting by Josh White for Sharecast.com.

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