Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  3i Group plc    III   GB00B1YW4409

3I GROUP PLC

(III)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

3i : Results for the six months to 30 September 2020

11/12/2020 | 02:11am EST

12 Nov 2020 Results for the six months to 30 September 2020

Download the results highlights
Download the half year results in full


Strong results driven by resilient performance

  • Total return of £1,142 million or 15% on opening shareholders' funds (September 2019: £767 million, 10%) and NAV per share of 905 pence (March 2020: 804 pence) after paying a dividend of 17.5 pence per share in the period and a 12 pence per share negative accounting impact from the further de-risking of the UK defined benefit pension plan.
  • Our Private Equity business delivered a gross investment return of £1,245 million or 19% (September 2019: £666 million, 11%), supported by continued good earnings growth and cash generation in portfolio companies operating in the consumer, e-commerce, healthcare and business services sectors and a sustained recovery in our retail investments following the lifting of Covid-related trading restrictions through the summer. Our investments in the travel and automotive sectors continue to experience challenging conditions.
  • Action's performance through the Covid-19 pandemic has exceeded our expectations, with strong like-for-like sales, EBITDA and cash flow growth. This supported an increase in value of our stake in Action of £644 million in the period. At 30 September 2020, we valued our 52.6% stake in Action at £4,269 million, based on a multiple of 18x Action's September 2020 run-rate earnings.
  • In challenging markets, the Private Equity business maintained its selective approach to capital deployment, making one new investment in GartenHaus whilst focusing on growing the existing portfolio. We funded the transformational acquisitions of Technogroup by Evernex and of SaniTech West by our bioprocessing platform, which we have now rebranded as SaniSure. Private Equity realisations totalled £82 million in the period.
  • Our Infrastructure business delivered a gross investment return of £134 million, or 12% (September 2019: £88 million, 9%), driven by resilient performance across all portfolios. Our 30% stake in 3i Infrastructure plc ('3iN) contributed particularly strongly to this return through a 17% share price increase since 31 March 2020. The Infrastructure business continues to contribute materially to our operating cash profit, with fee income across the business of £19 million and dividend income from 3iN of £12 million in the period.
  • First dividend for FY2021 set at 17.5 pence, in line with our dividend policy.

Simon Borrows, 3i's Chief Executive, commented:
'In the six months to 30 September 2020, our Private Equity portfolio delivered a gross investment return ('GIR') of 19%, demonstrating its resilience in a difficult macroeconomic environment. Our thorough portfolio management processes enabled us to respond quickly and effectively to the challenges that arose as a result of the pandemic, including, more recently, decisive measures to address increases in infection rates across much of Europe. Encouragingly, most of our portfolio companies outperformed our rebased Covid-19 full-year outlook during the period. In this environment, we will remain disciplined in our investment approach and focused on enhancing the value of our portfolio through organic growth and value-accretive add-ons.'

Summary financial highlights under the Investment basis

3i prepares its statutory financial statements in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS'). However, we also report a non-GAAP 'Investment basis' which we believe aids users of our report to assess the Group's underlying operating performance. The Investment basis (which is unaudited) is an alternative performance measure ('APM') and is described on page 19. Total return and net assets are the same under the Investment basis and IFRS and we provide a reconciliation of our Investment basis financial statements to the IFRS statements from page 20. Pages 1 to 16 are prepared on an Investment basis.

Investment basis Six months to/as
at 30 September
2020
Six months to/a
at 30 September
2019
12 months to/as
at 31 March
2020
Total return1 £1,142m £767m £253m
% return on opening shareholders' funds 15% 10% 3%
Dividend per ordinary share 17.5p 17.5p 35.0p
Gross investment return2 £1,394m £798m £318m
As a percentage of opening 3i portfolio value 17% 11% 4%
Cash investment2 £233m £312m £1,248m
Realisation proceeds £82m £71m £918m
3i portfolio value £9,578m £8,551m £8,098m
Gross debt £975m £575m £575m
Net (debt)/cash2 £(288)m £50m £270m
Gearing2 3% nil nil
Liquidity £1,087m £975m £1,245m
Diluted net asset value per ordinary share ('NAV per share') 905p 873p 804p
  1. Total return is defined as Total comprehensive income for the year, under both the Investment basis and the IFRS basis.
  2. Financial measure defined as APM. Further information on page 17.

Disclaimer

These half-year results have been prepared solely to provide information to shareholders. They should not be relied on by any other party or for any other purpose. These half-year results may contain statements about the future, including certain statements about the future outlook for 3i Group plc and its subsidiaries ('3i' or 'the Group'). These are not guarantees of future performance and will not be updated. Although we believe our expectations are based on reasonable assumptions, any statements about the future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.

Enquiries:

Silvia Santoro, Group Investor Relations Director
020 7975 3258

Kathryn Van Der Kroft, Communications Director
020 7975 3021

A PDF copy of this release can be downloaded from www.3i.com/investor-relations

For further information, including a live videocast of the results presentation at 10.00am on 12 November 2020, please visit www.3i.com/investor-relations

Disclaimer

3i Group plc published this content on 12 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2020 07:10:01 UTC


© Publicnow 2020
All news about 3I GROUP PLC
01/11Royal Mail Appoints CEO, Interim CFO Confirmed to Role
MT
01/11SIMON THOMPSON : Royal Mail names former Ocado exec Thompson as CEO of UK busine..
RE
01/10MARKET CHATTER : Royal Mail To Appoint Former Ocado Executive As CEO
MT
01/10SIMON THOMPSON : Britain's Royal Mail to name Simon Thompson as next CEO -Sky Ne..
RE
01/08TRENDLINES : Shares Rise 3% Following December 2020 Business Update
MT
01/073I : continues to support strategic M&A activity across its private equity portf..
PU
20203I GROUP PLC : Monthly statement on outstanding equity shares and voting rights
CO
2020Apax Global Alpha to Buy 3i Infotech's Software Products Business
MT
20203i Infotech to Sell Software Product Business for $136 Million
MT
2020MARKET CHATTER : Rio Tinto Chairman Meets With Indigenous Group to Rebuild Relat..
MT
More news
Financials
Sales 2021 2 139 M 2 906 M 2 906 M
Net income 2021 1 771 M 2 407 M 2 407 M
Net Debt 2021 600 M 815 M 815 M
P/E ratio 2021 6,33x
Yield 2021 3,28%
Capitalization 10 995 M 14 945 M 14 937 M
EV / Sales 2021 5,42x
EV / Sales 2022 6,28x
Nbr of Employees 240
Free-Float 96,7%
Chart 3I GROUP PLC
Duration : Period :
3i Group plc Technical Analysis Chart | III | GB00B1YW4409 | MarketScreener
Technical analysis trends 3I GROUP PLC
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 9
Average target price 1 318,50 GBX
Last Close Price 1 142,00 GBX
Spread / Highest target 21,0%
Spread / Average Target 15,5%
Spread / Lowest Target 7,71%
EPS Revisions
Managers and Directors
NameTitle
Simon Alexander Borrows Chief Executive Officer & Executive Director
Simon Robert Thompson Non-Executive Chairman
Jasi Hari Halai Group Operating & Financial Controller
Julia Susan Wilson Group Finance Director & Executive Director
David Alexander M Hutchison Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
3I GROUP PLC-1.38%14 945
BLACKROCK, INC.0.86%111 007
UBS GROUP AG7.98%54 294
BANK OF NEW YORK MELLON CORPORATION (THE)7.38%40 381
T. ROWE PRICE GROUP INC.3.32%35 419
STATE STREET CORPORATION6.05%27 229