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3i Group PLC on Thursday said in an update its portfolio company Action has seen a strong start to 2023. Action is a non-food discount retailer based in Benelux. 3i, a London-based private equity and venture capital company, said in the first 11 weeks of 2023, Action’s net sales were at €2.09 billion, up 37% from the year prior. 3i also said like-for-like sales growth in this period were up 25%. Meanwhile, Action has seen growth with cash and cash equivalents of €802 million as at March 19, 3i said. 3i added that Action has also added 23 stores in the year to date and is planning to make another payment to shareholders in the last week of March. This update comes as it was previously reported that Action opened 280 stores in 2022, generating €8.86 billion in net sales and operating earnings before interest, tax, depreciation and amortisation of €1.21 billion. 3i said its portfolio is demonstrating ‘good overall resilience’ as the majority of companies show ‘good momentum’ as the year progresses. 3i shares were up 1.0% at 1,584.50 pence in London on Thursday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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