3i Infrastructure plc Pre-close update March 2023

RNS Number : 8490U
3i Infrastructure PLC
31 March 2023
 

31 March 2023

 

3i Infrastructure plc Pre-close update March 2023

 

 

Continuing to deliver strong growth

 

3i Infrastructure plc ('3iN' or the 'Company') is an investment company whose purpose is to invest responsibly in infrastructure, delivering long-term sustainable returns to shareholders and having a positive impact on our portfolio companies and their stakeholders.

 

This statement relates to the period from 1 October 2022 to 30 March 2023 (the 'Period').

 

Highlights

 

· Portfolio performing strongly: In particular, we note strong performance from TCR, Tampnet, Infinis, Valorem, Attero, ESVAGT and Ionisos, each of which continues to benefit from the positive underlying growth trends and contract wins announced in the Q3 trading update. The other portfolio companies are performing in line with expectations, with the exception of DNS:NET, which continues to face challenges with its network rollout.

We're confident that the portfolio will continue to generate attractive further investment opportunities.  

 

· Income in line with expectations in the Period: Total income and non-income cash of £104 million was received in the Period.

 

· FY23 dividend target: The Company is on track to deliver the FY23 dividend target of 11.15 pence per share, up 6.7% from FY22, which is fully covered by net income.

 

· Capital raising: 3iN successfully raised net proceeds of £100 million in February through an equity placing, providing the Company with additional flexibility to fund attractive discretionary growth opportunities in our portfolio, such as the recent £28 million acquisition of Future Biogas, which, together with its sister company Infinis, forms the UK's leading independent producer of green gas.

 

· Balance sheet: At 30 March 2023, the Company had available liquidity of £405m, including a cash balance of £6 million, and undrawn commitments of £399 million available under its £900 million Revolving Credit Facility ('RCF'). The RCF commitments run to November 2025, with a further one year extension option available under the terms of the facility.

 

· No near-term refinancing exposure: There are no material refinancing requirements in the portfolio until 2026. As at the Period end date, c. 95% of the long-term debt facilities are either hedged or fixed rate. We expect that only c.11% of portfolio company debt will mature by March 2026.

 

· Attero: Preparations for the potential divestment of Attero are at an advanced stage. Attero is a high quality asset in the circular economy and we are expecting strong interest from potential purchasers.

 

 

Scott Moseley and Bernardo Sottomayor, Managing Partners and Co-Heads of European Infrastructure, 3i Investments plc, Investment Manager of the Company, commented: "As expected, we are continuing to generate strong growth momentum across the portfolio. The megatrends we have selected are long term by nature, and our companies have proven their resilience throughout the economic cycle, providing confidence that 3iN is structurally positioned to continue to grow value for its shareholders. We are confident that there is material latent value within the portfolio."

 

 

Ends

 

 

 

For information, please contact:

 

Thomas Fodor

Shareholder enquiries

+44 20 7975 3469

Elmley de la Cour

Media enquiries

+44 20 7975 3023

 

 

About 3i Infrastructure plc

3i Infrastructure plc is a Jersey-incorporated, closed-ended investment company, an approved UK Investment Trust, listed on the London Stock Exchange and regulated by the Jersey Financial Services Commission. The Company's purpose is to invest responsibly in infrastructure, delivering

long-term sustainable returns to shareholders and having a positive impact on our portfolio companies and stakeholders.

 

3i Investments plc, a wholly-owned subsidiary of 3i Group plc, is authorised and regulated in the UK by the Financial Conduct Authority and is the investment manager of 3i Infrastructure plc.

 

This press release is not for distribution (directly or indirectly) in or to the United States, Canada, Australia or Japan and is not an offer of securities for sale in or into the United States, Canada, Australia or Japan.  Securities may not be offered or sold in the United States absent registration under the U.S.  Securities Act of 1933, as amended (the 'Securities Act'), or an exemption from registration under the Securities Act.  Any public offering to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and will contain detailed information about 3i Group plc, 3i Infrastructure plc and management, as applicable, as well as financial statements.  No public offering in the United States is currently contemplated.

 

This statement aims to give an indication of material events and transactions that have taken place in the period from 1 October 2022 to 30 March 2023 and their impact on the financial position of 3i Infrastructure plc.  These indications reflect the Board's current view.  They are subject to a number of risks and uncertainties and could change.  Factors which could cause or contribute to changes include, but are not limited to, general economic and market conditions and specific factors affecting the financial prospects or performance of individual investments within the portfolio of 3i Infrastructure plc.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCBRGDXXDXDGXG
UK 100

Latest directors dealings