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3i Group PLC on Thursday celebrated its key portfolio holding Action as it announced net asset value growth and an increase in its stake in Action. The London-based private equity and venture capital company said net sales at Action grew 20% to €6.23 billion in the six months to June 30, from €5.19 billion a year prior. Action was established in 1993 in the Netherlands and according to 3i, is the fastest growing non-food discounter in Europe with more than 2,300 stores. 3i’s financial year ended on March 31, meaning the Action figures fell into the fourth quarter of the financial year just past for 3i, and the first quarter of the current financial year. Operating earnings before interest, tax, depreciation and amortisation at Action jumped 23% to €843 million from €683 million. 3i said that Action added 119 net new stores in the six months to June 30, up 32% from 90 a year ago. 3i added that at Action, like-for-like sales growth was 9.0% in the six months to June 30, slowed from 22% a year ago. 3i highlighted that after the end of its first financial quarter, it increased its equity stake in Action to 57.6% from 54.8%, via a refinancing event where Action raised €2.1 billion. 3i used €821 million of the €1.37 billion gross proceeds received to buy further Action shares. 3i’s net asset value improved 3.9% to 2,167 pence per share at June 30 from 2,085p at March 31. NAV total return in the first financial quarter of 2025 edged down to 4.0% from 4.1% a year ago. 3i shares were up 1.7% to 3,119.00 pence each late Thursday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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