3i Infrastructure on track for increased full-year dividend

11th Nov 2020 07:45

(Sharecast News) - Infrastructure investment company 3i Infrastructure said it was on track to deliver an increased full-year dividend after its first half on Wednesday, as its total return came in at 3.8% or £84m, making for a net asset value per share of 259.4p.
The FTSE 250 company said total income and non-income cash was £48m for the six months ended 30 September, while its cash balance stood at £360m.

Its board declared an interim dividend of 4.9p.

3i Infrastructure said it delivered a total shareholder return of 18.9% in the period, compared to 16% for the FTSE 250 index.

Since its initial public offering, the company's annualised total shareholder return stood at 12.7%, which the board said compared "favourably" with the broader market, as the FTSE 250 saw a 6.1% annualised return over the same period.

The firm said it had achieved that outperformance with a "low correlation" to the broader equity market.

"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," said chair Richard Laing.

"We are on track to deliver our dividend target, which is 6.5% higher than last year."

At 0845 GMT, shares in 3i Infrastructure were up 0.17% at 302.5p.