Shares in 3i Group PLC (LSE:III) rose 3.3% to 2,637p after the FTSE 100 investor reported a 3% total return for the first quarter of its 2027 financial year, driven by continued growth at Dutch discount retailer Action.
Net asset value per share, the standard measure of an investment company’s worth, increased to 3,131p at the end of June from 3,030p in March.
The gain came despite a negative currency translation impact of £276 million, equivalent to 27p a share.
Action, by far the largest holding in the portfolio, delivered net sales of €4,338 million and operating earnings of €609 million in the quarter, up 14% and 18% respectively on the same period last year.
Over the first six months of the retailer’s year, sales reached €8,348 million and operating earnings €1,108 million, with a margin of 13.3%.
Like-for-like sales, which strip out the effect of new store openings, grew 3.6%, driven mainly by higher transaction numbers.
The chain added 121 net new stores in the half to reach 3,423 outlets and remains on course to open at least 400 this year.
Action paid a €450 million dividend to shareholders in May, of which 3i received £254 million, and closed the period with €718 million of cash.
3i made a new £118 million private equity investment in Nutergia during the quarter.
Chief executive Simon Borrows said the retailer had seen strong growth in transactions driven by seasonal products alongside continued sales in consumer goods categories.
The group has bought back about 14.7 million shares for £344 million under a £750 million programme launched in May, and ended the period with gross cash of £724 million and gearing of 2%.
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