3i Group PLC AGM and portfolio update (7187Q)
June 30 2022 - 2:00AM
UK Regulatory
TIDMIII
RNS Number : 7187Q
3i Group PLC
30 June 2022
30 June 2022
3i Group plc
AGM and portfolio update
3i Group plc ("3i") will be holding its Annual General Meeting
("AGM") this morning. At the AGM Simon Borrows, our Chief
Executive, will provide an update on the portfolio.
Action has achieved very strong sales growth in the year to
date. Like-for-like sales and footfall were significantly ahead of
the prior year, although with a slightly reduced basket size.
Inventory and supply chain continue to perform in line with plan
with no significant issues despite the well documented global
challenges. A clear and consistent focus on an outstanding quality
customer offering at the lowest price continues to be Action's top
priority and has never been more relevant to customers across all
of its geographies. Action is set for another good quarter of
profit growth to the end of June and closed last week with a cash
balance of some EUR550 million.
The remainder of the Private Equity portfolio continues to
demonstrate overall resilience with the majority of the portfolio
continuing to build on recent growth including Cirtec, Sanisure,
nexeye (formerly Hans Anders), Tato, Havea, WilsonHCG and Yanga. As
would be expected given current market conditions, a small number
of companies in the portfolio are having to manage a combination of
lower customer demand and inflationary pressures.
Despite short-term market volatility and macro-economic
uncertainty our portfolio is well positioned and we increasingly
see attractive opportunities to deploy capital. We remain confident
in 3i's potential to deliver significant longer-term compounding
returns.
-Ends-
For further information, please contact:
Silvia Santoro
Group Investor Relations Director
Tel: 020 7975 3258
Kathryn van der Kroft
Communications Director
Tel: 020 7975 3021
About 3i Group
3i is a leading international investment manager focused on
mid-market Private Equity and Infrastructure. Our core investment
markets are northern Europe and North America. For further
information, please visit: www.3i.com .
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END
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