Key points:
- Gross portfolio return of (8.3)%, driven by market conditions
- Portfolio earnings up by 8% in the period on a value weighted basis
- Total return of (523)m, a (15.6)% return on opening shareholders' funds
- Realisations of 532m and investment of 448m
- Substantial increase in dividend proposed of 8.1p for the year, up from 3.6p
Michael Queen, 3i's Chief Executive, commented:
"We have not been immune to the broader market turmoil and the challenging environment has had a direct impact on our results.
However, the steps we have taken over the last two and a half years to improve the financial and operational strength of the Group, and to reduce the risk in our portfolio, give the Board confidence in announcing a significant increase in our dividend today."
