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Private equity and infrastructure investor 3i Group said it remained on track to meet its dividend target as its portfolio continued to perform in line with expectations in the first quarter thanks to a boost from acquisitions.
The portfolio delivered a good level of income, with income and non-income cash coming in at £22.3m and £5.9m, respectively, giving a total income of £28.2m. That compared with £22.2m of income and £1.5m of non-income cash received in the same period last year.
During the period, the company strengthened its portfolio with a bolt-on transaction for Valorem and the acquisition of Joulz, both of which 'give us exposure to exciting new growth opportunities through increased electrification particularly from renewable resources,' 3i Group said.
The company said it would pay the final dividend for 2019 of 4.325p a share and was on track to deliver its target dividend of 9.20p a share for 2020.