REG - 3i Group PLC - AGM and portfolio update

3iAnnouncement

27/06/2024 07:00

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RNS Number : 0455U  3i Group PLC  27 June 2024

 

 

 

27 June 2024

 

 

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 continues to perform strongly. Like-for-like sales growth was 9% year
to date as at the end of week 25 and net new store openings of 107 are on
track with its expansion plans and ahead of the 84 stores opened in the same
period last year. The like-for-like performance is a combination of a high
volume of transactions, driven specifically by the sale of everyday
necessities, and a negative price effect. We believe Action's approach of
passing on price reductions to consumers as a result of its growing buying
power will continue to underpin its sector-leading like-for-like performance
over the medium term. Action is set for another good quarter of profit growth
and had a cash balance of €825 million as at 23 June 2024. Action has
launched a €1.75 billion US dollar and euro debt issuance, which has since
been upsized to €2.1 billion. We will update on the impact of that
transaction and on the use of proceeds in our next quarterly statement.

 

The remainder of the Private Equity portfolio continues to demonstrate
resilience with the majority of the portfolio trading well. The trends driving
portfolio performance are consistent with those set out in our full-year
results.

 

-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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