3i trounces analysts' expectations

3i shares rose by 7½ per cent following the release of the company’s full-year results on 15 May 2003. The results trounced forecasts compiled by analysts, despite a significant decline in the value of the group’s existing portfolio. Net asset value expectations were lowered by analysts in March to between 420p and 470p following 3i’s declaration that it would record charges in excess of £800m, primarily from technology investment write-offs and valuation reductions. In spite of the previous, the net asset value for the financial year ending 31 March 2002 registered at 480p, significantly lower than the 645p for the previous year, but beating market expectations all the same.

The group’s technology portfolio recorded a loss of £935m compared with a loss of £960m in 2001 and shareholders’ total return on their funds invested dropped 23.7%. 3i realised almost £1bn on investments in 2002 and registered a premium of 40% on the previous. Revenue return grew to £146m during the financial year in comparison to £102m in 2001 and total investment over the year reached £931m. 3i has consequently raised its total final dividend to 13.5p with a final payment of 8.6p.

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