3i to pay a minimum dividend of 15p per share in 2015

DividendMax Ltd.

3i to pay a minimum dividend of 15p per share in 2015


Robust performance underpinned by good flow of realisations and strong balance sheet

Solid Private Equity portfolio performance; value weighted last twelve months earnings growth of 17% 

Continued strong realisation and refinancing proceeds of £324 million; further proceeds of £218 million received from realisations since the period end

Debt Management successfully raised two CLOs in the period and secured further commitments to the US Senior Loan Fund; first close of European Middle Market Loan Fund at €250 million post period end

Operating expenses of £63 million and interest costs of £26 million both 7% lower than the first half last year

Further improvement in Fund Management profitability to £13 million (30 September 2013: £8 million)

Total return of £234 million after accounting for a foreign exchange translation loss of £73 million

Good progression in NAV per share to 358 pence at 30 September 2014, after 13.3 pence final dividend paid in July 2014 (31 March 2014: 348 pence)

Interim dividend of 6.0 pence per share; of which 2.7 pence is base and 3.3 pence is additional

Expecting to pay a minimum dividend of 15 pence per share in respect of the full year; of which 8.1p is base dividend, in line with policy


Simon Borrows, 3i's Chief Executive, commented:

"The Group performed well in the first half and again demonstrated strong progress against our strategic plan.There is good earnings momentum in our larger investments and we have a number of realisation and refinancing projects in process. We continue to seek new investment opportunities, but we recognise the increasing political uncertainty and stagnating growth in Europe and are mindful of the risks of over-paying for new investments in this environment.We will continue to manage our portfolio energetically, capitalise on realisation opportunities and be selective in making new investments."

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