- 3i Group has reported a 12.2% total return and increase in net asset value to £10.63, driven by a strong first quarter from the private equity portfolio.

According to the company's FY2022 Q1 update, Action performed well during the quarter with very good sales and EBITDA growth.

EBITDA for the quarter was €205 million, 107% above 2020 and 67% above 2019. Sales for the quarter were €1.68 billion, 52% above 2020 and 39% above 2019

3i Group received £84 million of refinancing proceeds from Royal Sanders and completed one bolt-on acquisition for Luqom with no further investment from the company.

Meanwhile, 3i Infrastructure plc completed its investment in DNS:NET and a bolt-on acquisition for Joulz, an existing portfolio company.

Both investment divisions remain active with a healthy pipeline of new investment opportunities, bolt-ons and refinancing and realisation transactions.

Simon Borrows, chief executive, said: '3i has made a strong start to its new financial year. Our investment portfolios in Private Equity and Infrastructure are well positioned for another year of good progress. Action's impressive performance continues, and the group is trading very well now that all stores have fully reopened.

'We are working on a number of investment and realisation opportunities across the investment teams, but we remain highly selective when deploying new capital in the current environment.'

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