3i Group plc (LON:III) will be holding its Annual General Meeting this morning. At the AGM, Simon Borrows, our Chief Executive, will provide an update on the portfolio.
Action continues to perform strongly. Like-for-like sales growth was 6.9% year to date as at the end of week 25 and net new store openings of 111 are on track with its expansion plans. The like-for-like performance continues to be transaction driven with a strong contribution from seasonal sales. Action is set for another good quarter of profit growth and had a cash balance of €587 million as at 22 June 2025.
The remainder of the Private Equity portfolio continues to demonstrate performance in line with our expectations. We are pleased to have announced the sale of MPM for estimated gross proceeds of c.£400 million, representing a 3.2x money multiple on invested capital and an IRR of 29%.
