3i Infrastructure PLC on Tuesday said it remains on course to meet its full-year dividend and portfolio value return targets, after a positive return in the first half.

The Jersey-based infrastructure investment trust, managed by 3i Investments PLC, reported a net asset value total return of 5.1% for the six months ending September 30, slowed from 6.3% a year previous.

3i Infrastructure said the half-year total return positions it ahead of its annual target return range of 8% to 10%. The company attributed its positive performance to the strategic positioning of its portfolio companies.

NAV per share rose 3.4% to 374.7 pence as of September 30 from 362.3p on March 31.

The interim dividend per share was 6.33p, 6.4% higher than 5.95p a year prior. The half-year payout represents half of the trust’s full-year target of 12.65p, reflecting a 6.3% increase on 11.90p in financial 2024.

3i Infrastructure said it is on track to achieve its full-year dividend target and meet its target return for the current year.

Early last month, 3i Infrastructure announced a binding offer from AIP Management PS and other co-investors to buy its 33% stake in French renewable energy company Valorem SAS. Expected to close in early 2025, the sale will bring in around €309 million to 3i Infrastructure, a 15% increase from the book value of the stake in March and 31% above its value in September last year.

Proceeds from the sale will be used to reduce 3i Infrastructure’s revolving credit facility balance, which was £900 million as of September 30 and is set to mature in November 2026.

Shares in 3i Infrastructure were down 0.2% at 336.00 in London on Tuesday morning.

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