3i Infrastructure PLC (LSE:3IN), an investment trust, saw its total returns jump in the first half, helped by a strong performance in its portfolio by oil storage company Oystercatcher.
The company generated a total return for the six months to end September of £250mln, representing a 10.6% return on the opening net asset value, versus a total return of £84mln in the year-earlier period representing a 3.8% return.
Total returns were boosted by a £107mln increase in Oystercatcher partly due to the sale of its European terminals and the prepayment of debt.
The company, a wholly owned subsidiary of 3i Group plc (LSE:III), plans to pay an interim dividend of 5.225 pence per share, half of its full-year dividend target of 10.45 pence.
"It has been a strong first-half performance from our resilient portfolio,” said chairman Richard Laing. “We are well positioned for the second half and are on track to deliver our dividend target, 6.6% higher than last year."
The company noted that deal activity in the infrastructure sector has been high and that the market is more competitive than ever.