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3i makes 16.2 per cent return on shareholders’ funds

Private equity firm 3i made a total return of GBP407m during the year to 31 March 2010, a 16.2 per cent return on opening shareholders’ funds.

It had strong realisations of GBP1,385m at good average uplifts of 19 per cent over the opening carrying value.

3i’s net debt reduced to GBP258m from GBP1,912m in 2009.

The company increased its net asset value per share to GBP3.21 from GBP2.79 at 31 March 2009.

3i’s chairman Baroness Hogg says: “A transformed financial position, improved performance, and a substantial increase in funds available to invest have put 3i in a strong competitive position.”

Michael Queen (pictured), 3i’s chief executive, adds: “I am confident we will see some outstanding opportunities in the next three years and believe we are now well placed, with a focused business model, good liquidity and a strong balance sheet to invest in and build some great businesses.”

Assets under management for 3i were GBP5,787m at 31 March 2010, down from GBP6,909m the previous year.

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