3i reports 40% drop in new investments

3i Plc has announced a year-on-year drop of almost 40% in new investments for the five months to 31st August, falling to £622m in 2008 compared to more than £1bn for the same period in 2007. The group also announced a substantial fall in realisation proceeds, which stood at £560m for the five month period, down from in excess of £1bn in 2007.

The drops, which were announced ahead of the group's pre-close period briefing, were blamed on tough conditions in the credit and equity markets, though 3i Finance Director Simon Ball asserted that the group's portfolio should hold up despite the grim macro-economic climate. 3i expects to announce full half-year results for the period to 31st September 2008 in early November.

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• Southern Europe