3i returns up in 2009/10

Shares in the listed private equity manager are up over 7% today on the back of its annual results.

3i's debt situation has improved, with net debt now just £258m following last year's rights issue, down from almost £2bn a year ago, while net asset value has increased from £1.8bn to just over £3bn.

Chairman Baroness Hogg said: "The after-shocks from the credit crunch continue to destabilise financial markets, as they wait with decreasing patience for governments to repair their fiscal deficits."

"But 3i has a great ability to adapt, a brand built on its reputation as an investment partner, committed and engaged shareholders, and is strongly placed to deploy these advantages in fast-changing markets."

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