A fresh “I”

16 May 2013 By Quentin Webb

Simon Borrows has had a cracking first year as 3i CEO, producing a 111 pct total return for shareholders by refocusing, cost-cutting and selling assets well. The group still needs to show it can find sound new deals. And eventually 3i must try to raise another buyout fund.

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On May 16, 3i Group Plc said net asset value (NAV) rose 11.5 percent in the year ended March 31, to 311 pence a share. Reporting full-year results, the London-listed company said it had cut costs by a larger-than-expected 51 million pounds.
Chief Executive Simon Borrows said 3i had made “substantial progress” in the first year of a three-year recovery plan. He added: “there is plenty more that we are doing to drive performance and generate further shareholder value”.
Shares in 3i, which manages private equity, debt and infrastructure investments, fell 5.7 percent to 342.8 pence a share by 1018 GMT. The stock had risen 102 percent in the previous 12 months.

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