Half-yearly results for the six months to 30 September 2007

08 Nov 2007

 

Strong results for half-year and key strategic milestones achieved

 

For the six months to 30 September 2007 2006
     
Business activity    
Investment £1,234m £589m
Realisation proceeds £1,044m £849m
     
Returns    
Realised profits on disposal of investments £337m £216m
Gross portfolio return on opening portfolio value 14.3% 11.6%
Net portfolio return £453m £367m
Total return £512m £374m
Total return on opening shareholders' funds 12.0% 9.3%
Interim dividend per ordinary share 6.1p 5.8p
     
Portfolio and assets under management    
Own balance sheet £5,130m £4,174m
Third-party funds £3,053m £2,859m
  £8,183m £7,033m
     
Net asset value per share (diluted) £10.07 £7.92

 

Commentary

  • Strong gross portfolio return of 14.3% in the six months to 30 September 2007, driven by a particularly good performance in both Buyouts and Growth Capital.
  • Net asset value per share up 27% year-on-year, from £7.92 per share at 30 September 2006 to £10.07 per share at 30 September 2007.
  • Further progress in implementing strategy with strong growth in assets under management and further diversification by geography and asset class, driven by:
    • Increased investment and significant value growth in 3i's direct portfolio;
    • Establishment of external funds advised by the Infrastructure (3i Infrastructure Limited, 3i India Infrastructure Fund) and QPE (3i Quoted Private Equity Limited) business lines.

Baroness Hogg, Chairman of 3i Group plc, said:

"3i's financial strength, values and approach have continued to serve us well in reaching our key strategic milestones."

3i's Chief Executive, Philip Yea, added:

"These are a strong set of half-year results. Given the broad spread of our investment business and the strong capabilities we are building across the world, 3i faces this potentially more challenging environment from a substantially stronger position than in previous cycles."

For further information, please contact:

3i Group plc
Philip Yea, Chief Executive -  020 7975 3386
Simon Ball, Finance Director -  020 7975 3356
Patrick Dunne, Group Communications Director -  020 7975 3283

Maitland Consultancy
Philip Gawith -  020 7379 5151

For further information regarding the announcement of 3i's half-yearly results to 30 September 2007, including video interviews with Philip Yea, Simon Ball and Jonathan Russell (available at 7.15am) and a live webcast of the results presentation (at 10.30am, available on demand from 2.00pm), please seehttp://www.3igroup.com/.

Notes to editors
3i is a world leader in private equity and venture capital. We focus on buyouts, growth capital and venture capital, infrastructure and quoted private equity and invest across Europe, Asia and the US. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business. These underpin the value that we deliver to our portfolio and to our shareholders.