REG - 3i Group PLC - AGM and portfolio update

3iAnnouncement

29/06/2023 07:00

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RNS Number : 2983E  3i Group PLC  29 June 2023

 

29 June 2023

 

 

 

3i Group plc

AGM and portfolio update

 

 

3i Group plc ("3i") will be holding its Annual General Meeting ("AGM") this
morning.  At the AGM, Simon Borrows, our Chief Executive, will provide an
update on the portfolio.

 

Action has continued to deliver very strong sales growth in the year to
date.  Like-for-like sales growth was 22% year to date as at the end of week
25 and net new stores openings of 84 are on track with its expansion plans and
ahead of the 75 stores opened in the same period last year. Action's strategy
to deliver an outstanding quality customer offering at the lowest price
remains the Company's top priority and continues to draw high customer
footfall across all of its geographies.  Action is set for another good
quarter of profit growth and has a cash balance in excess of €660 million.

 

The remainder of the Private Equity portfolio continues to demonstrate
resilience with the majority of the portfolio trading well. Lower customer
demand and inflation pressures continue to impact a small proportion of the
portfolio.  Despite the macro-economic headwinds we remain confident that the
3i active management approach will build consistent value creation across the
portfolio over the longer term.

 

-Ends-

 

 

 

For further information, please contact:

Silvia Santoro

Group Investor Relations Director

Tel: 020 7975 3258

 

Kathryn van der Kroft

Communications Director

Tel: 020 7975 3021

 

 

About 3i Group

3i is a leading international investment manager focused on mid-market Private
Equity and Infrastructure. Our core investment markets are northern Europe and
North America. For further information, please visit: www.3i.com
(http://www.3i.com) .

 

 

 

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