REG - 3i Infrastructure - Performance update Q1 FY25

3i InfrastructureAnnouncement

04/07/2024 07:00

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RNS Number : 0635V  3i Infrastructure PLC  04 July 2024

 

4 July 2024

 

3i Infrastructure plc - Performance update Q1 FY25

 

 

Portfolio performing well, seeing continued growth

 

3i Infrastructure plc ('3iN' or the 'Company') is an investment company whose
purpose is to invest responsibly in infrastructure, delivering long-term
sustainable returns to shareholders and having a positive influence on our
portfolio companies and their stakeholders.

 

This statement relates to the period from 1 April 2024 to 30 June 2024 (the
'Period').

 

Scott Moseley and Bernardo Sottomayor, Managing Partners and Co-Heads of
European Infrastructure, 3i Investments plc, Investment Manager of the
Company, commented:

 

"We are pleased with our start to the year. Our well-established
portfolio continues to perform well and we
see attractive opportunities to invest in our platform businesses to
extend our track record of strong returns."

 

 

Highlights

 

·    During the Period:

 

- TCR continued to outperform and has won notable new contracts, including a
large contract with Aviapartner in the Netherlands, which maintains good
momentum in that market following completion of the previously announced
acquisition of KES.

 

- Tampnet has had a robust start to the year, delivering EBITDA growth ahead
of expectations whilst building on its attractive business development
pipeline across each of its business lines.

 

- ESVAGT continued its strong performance. In April 2024, ESVAGT closed a
further €200 million committed debt facility at attractive rates, providing
additional capital in support of its fast-growing offshore wind vessel
pipeline.

 

- DNS:NET: Whilst it remains relatively early to evaluate DNS:NET's
performance against the revised management plan, we are pleased with the
progress that management is making.

 

- Our other portfolio companies are performing broadly in line with
expectations set at March '24.

 

·    Income in line with expectations: Total income and non-income cash in
the Period was £49 million.

 

·    Final FY24 dividend payment and FY25 target: Payment of the final
dividend for FY24 of 5.95 pence per share is due to be made on 12 July 2024.
The Company is on track to deliver the FY25 dividend target of 12.65 pence
per share, up 6.3% from FY24, which is expected to be covered by net income.

 

·    Balance Sheet: At 30 June 2024, the Company had available liquidity
of £347 million, including a cash balance of £63 million, and undrawn
commitments of £284 million available under its £900 million Revolving
Credit Facility. Subject to approval at the Company's AGM on 4 July 2024, this
cash balance will be reduced by the payment of the final dividend of £55
million on 12 July 2024.

 

 

Ends

 

 

 

For information, please contact:

 

 Thomas Fodor           Shareholder enquiries  +44 20 7975 3469
 Kathryn van der Kroft  Media enquiries        +44 20 7975 3021

 

 

About 3i Infrastructure plc

3i Infrastructure plc is a Jersey-incorporated, closed-ended investment
company, an approved UK Investment Trust, listed on the London Stock Exchange
and regulated by the Jersey Financial Services Commission. The Company's
purpose is to invest responsibly in infrastructure, delivering

long-term sustainable returns to shareholders and having a positive influence
on its portfolio companies and their stakeholders.

 

3i Investments plc, a wholly-owned subsidiary of 3i Group plc, is authorised
and regulated in the UK by the Financial Conduct Authority and is the
investment manager of 3i Infrastructure plc.

 

This press release is not for distribution (directly or indirectly) in or to
the United States, Canada, Australia or Japan and is not an offer of
securities for sale in or into the United States, Canada, Australia or
Japan.  Securities may not be offered or sold in the United States absent
registration under the U.S.  Securities Act of 1933, as amended (the
'Securities Act'), or an exemption from registration under the Securities
Act.  Any public offering to be made in the United States will be made by
means of a prospectus that may be obtained from the issuer or selling security
holder and will contain detailed information about 3i Group plc, 3i
Infrastructure plc and management, as applicable, as well as financial
statements.  No public offering in the United States is currently
contemplated.

 

This statement aims to give an indication of material events and transactions
that have taken place in the period from 1 April 2024 to 30 June 2024 and
their impact on the financial position of 3i Infrastructure plc.  These
indications reflect the Board's current view.  They are subject to a number
of risks and uncertainties and could change.  Factors which could cause or
contribute to changes include, but are not limited to, general economic and
market conditions and specific factors affecting the financial prospects or
performance of individual investments within the portfolio of 3i
Infrastructure plc.

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