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3i Group PLC on Thursday reported mixed results, as its net asset value rose amid a profit fall, while the venture capital company hiked its dividend as its portfolio value grew.
The London-based firm said operating pretax profit fell 20% to £1.76 billion from £2.20 billion a year ago. Gross investment return decreased by 21% to £1.78 billion from £2.26 billion.
"A limited number of investments have seen a deterioration in performance as a result of cost pressures and reduced demand," the company said.
However, 3i's net asset value rose by 12% to 1,477 pence each at September 30 from 1,321p at March 31 and up 28% from 1,153p a year ago. The firm's portfolio value rose by 28% to £16.42 billion from £12.78 billion a year prior, while liquidity grew 47% to £801 million from £544 million.
Regarding 3i's Action unit, unrealised profit on the revaluation of private equity investments fell by 44% to £1.24 billion from £2.22 billion.
3i raised its interim dividend by 21% to 23.25 pence per share from 19.25p a year ago.
Looking ahead, Chief Executive Officer Simon Borrows said: "We are anticipating difficult macroeconomic conditions in 2023 which will continue to present significant challenges to the consumer and corporate sector alike and the group's conservative capital structure gives us considerable flexibility to respond to opportunities and developments as they arise. Our near-term decisions will remain guided by patience and discipline as we continue to deliver the significant growth potential of our existing portfolio."
3i shares were 0.2% lower at 1,250.50 pence each in London on Thursday morning.
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