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3i Infrastructure targets higher annual dividend for fiscal 2022 as annual returns grow
StockMarketWire.com
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Infrastructure fund 3i Infrastructure raised its annual dividend for fiscal 2022 after reporting annual returns of 9.2% as its portfolio outperformed expectations set a year ago.
For the year ended 31 March 2021, the company delivered a 9.2% return for the year, in line with the target of 8% to 10% per annum to be achieved over the medium term.
The net asset value per share increased to 268.1 pence from 254.5 pence.
The company reported pre-tax profit of £206 million, down from £224 million last year as investment return fell to £220 million from @254 million year-on-year.
The company recommended a final dividend for the year of 4.9 pence per share, taking the total dividend for the year to 9.8 pence per share, 6.5% above last year's total dividend.
Looking ahead, the total dividend target for the year ending 31 March 2022 was 10.45 pence per share, representing an increase of 6.6%.
'The past year has seen significant volatility in both equity and credit markets and in oil and power prices. In this environment, the infrastructure sector has performed relatively well, demonstrating its value as an asset class,' the company said.
Story provided by StockMarketWire.com
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