- Infrastructure investment company 3i Infrastructure said it was on track to meet its dividend target amid a rise in portfolio income.

For the period from 1 October 2019 to 18 March 2020, portfolio income and non-income cash was £77m in the period, up from £69m on-year.

The sale of the UK projects for about £193m, generated an internal rate of return (IRR) of 15%, the sale of WIG, the independent wireless infrastructure operator headquartered in the UK, for about £387m, generated 27% IRR.

The company said its TCR, its airport ground handling equipment business, was most affected by the dramatic fall in air travel, though added that the overall operational impact on the company had been limited.

'The effect of the pandemic on portfolio valuation will be assessed as part of the valuation exercise of the portfolio as at 31 March 2020,' the company said. 'This will seek to take account of individual cashflow effects on portfolio companies as well as broader market pricing considerations, which obviously are extremely volatile.'

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