Private equity investment firm 3i said its Chief Executive, Michael Queen, will be on his bike as soon as the company appoints a successor.
Queen revealed in a trading statement that, after a tough start to the year, market sentiment has improved in the last couple of months, leading to a strong performance in the company's investment portfolio. although the rally has come a bit late to have a significant effect on performance in 3i's current financial year, which runs to the end of March.
The group had cash, cash deposits and undrawn committed facilities of £1,682m as at 29th February 2012, down from £1,753m at the end of 2011. Gross debt had reduced to £1,642m from £1,659m at the end of 2011.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Net cash investment in the first two months of 2012 was £35m and net debt increased by £58m to £453m from the end-year figure of £395m.
3i invested a total of £623m in the 11 months to 29 February 2012, compared with £581m in the equivalent period of the preceding year. Of this investment, £374m was new investment, £89m was top-ups and the balance was capitalised interest.
Realisation proceeds received by 3i totalled £764m in the 11 month period, versus realisation of £491m in the corresponding period a year earlier.
Shares in 3i responded well to the trading update, moving as high as 214.9p in the first hour of dealing, before ebbing to 212.7p, up 8.7p on the day.
jh
