3i Infrastructure tops first-half return targets

8th Nov 2022 09:16

(Sharecast News) - 3i Infrastructure described an "outstanding performance" in its first-half results on Tuesday, as it "significantly" exceeded its target returns.

The FTSE 250 infrastructure investor said its return on opening net asset value for the six months ended 30 September was £247m, or 9.3%.

Its net asset value at period end stood at £2.91bn or 325.8p per share, up from a respective £2.7bn and 303.3p per share at the end of March.

Total income and non-income cash was £98m, compared to £56m for the same period last year.

The board declared an interim dividend of 5.575p per share, rising from the 5.225p distribution it made at the same point last year.

3i Infrastructure said it was on track to deliver its 2023 dividend target of 11.15p per share, - 6.7% higher than the previous year, which it expected to be fully covered.

"We have delivered an outstanding first-half performance with strong value growth in real terms from our differentiated portfolio," said chair Richard Laing.

"We are on track to deliver our 2023 dividend target, which is 6.7% higher than last year."

At 0859 GMT, shares in 3i Infrastructure were up 3.76% at 331.5p.

Reporting by Josh White for Sharecast.com.