3i Group PLC AGM and portfolio update (2983E)
29 Juin 2023 - 8:00AM
UK Regulatory
TIDMIII
RNS Number : 2983E
3i Group PLC
29 June 2023
29 June 2023
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 continued to deliver very strong sales growth in the
year to date. Like-for-like sales growth was 22% year to date as at
the end of week 25 and net new stores openings of 84 are on track
with its expansion plans and ahead of the 75 stores opened in the
same period last year. Action's strategy to deliver an outstanding
quality customer offering at the lowest price remains the Company's
top priority and continues to draw high customer footfall across
all of its geographies. Action is set for another good quarter of
profit growth and has a cash balance in excess of EUR660
million.
The remainder of the Private Equity portfolio continues to
demonstrate resilience with the majority of the portfolio trading
well. Lower customer demand and inflation pressures continue to
impact a small proportion of the portfolio. Despite the
macro-economic headwinds we remain confident that the 3i active
management approach will build consistent value creation across the
portfolio over the longer term.
-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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