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3i Infrastructure PLC on Thursday celebrated income over expectations, after seeing progress across its portfolio during the third quarter.
3i Infrastructure is a Jersey-based infrastructure investment trust. Its portfolio consists of 12 infrastructure businesses, including Tampnet, Valorem, and Infinis.
For the three months to December 31, the company received total income and non-income cash of £55 million, ahead of expectations and up from £26 million a year prior.
During the period, several of 3i Infrastructure’s portfolio companies, including TCR, Ionisos, GCX, Tampnet, and ESVAGT, signed ‘strategically important contracts’. The firm also noted ‘good progress’ at Infinis and Valorem, which have made progress in growing their respective renewable development pipelines.
After acquiring a roughly 27% stake in TCR International in October, 3i Infrastructure said it has since completed the syndication of a 28% stake for proceeds of £190 million in November. These will be used to pay part of its revolving credit facility.
3i Investments, TCR’s investment manager, will continue to manage 96% of TCR International.
Looking ahead, 3i Infrastructure said it was on track to deliver its dividend target of 11.15 pence per share for the 2023 financial year, up 6.7% from a year prior.
‘We are pleased with the momentum in the portfolio, which continues to trade ahead of our expectations. The contracts we have announced demonstrate the growth our companies are experiencing, and their resilience, underpinned by the megatrends we have identified,’ said managing partners Scott Moseley and Bernardo Sottomayor.
3i Infrastructure shares were trading 0.7% lower at 336.50p per share in London on Thursday morning.
By Holly Beveridge; Alliance News reporter
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