3i reports full year private equity realisations of £669m


London taxisUK-based private equity firm 3i said its private equity exits totalled £669m in the year to end-March, up 43 per cent from their opening value.

The firm reported that its profits climbed to £517m from £360m in the previous year, while earnings reached 54.5 pence per share, up from 38.2 pence.

3i’s total shareholder return amounted to 30 per cent last year.

The full year results also showed that 3i managed to reduce its debt to £857m, while gross interest costs were cut to £54m, ahead of its £60m target.

3i CEO Simon Borrows said, “We have met or exceeded all of our strategic priorities and targets for the year.

“3i is now a more streamlined, decisive organisation focused on high performance and delivering attractive shareholder returns.

“We have started the new financial year with good momentum in our private equity portfolio and ambitious plans in our three businesses.”

In March this year animal health and mineral nutrition products maker Phibro, which is backed by 3i, filed for an IPO on the Nasdaq exchange.

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