3i sees slight increase in net asset value

The net asset value (NAV) of 3i Group rose by 4.8 per cent in the three months to December 31st, an interim management statement from the company has disclosed.

Reporting on its performance over the past quarter, the company stated that the NAV had grown by 4.8% to £2.86 per share before the interim dividend of 2.7p per share is paid.

Simon Borrows, Chief Executive Officer of 3i, commented: "We are well into the first phase of restructuring at 3i and have made strong and measurable progress against the immediate priorities for the business that I announced in June last year. In particular, we expect to exceed the operating cost reduction targets for this financial year ending March 31st 2013."

He added: "Despite challenging market conditions, strong businesses are always in demand. Over the last six months, in addition to implementing the re-organisation and cost reduction programme, we have been busy preparing for realisations within Private Equity. We expect to see the benefits of this coming through over the next 18 months, with a number of key realisations as well as an increasing level of investment activity."

3i's share price was down 2.42% to 265.90p at 10:34 on Thursday.