3i sees earnings slide as global jitters persist

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The firm that has stakes in Go Outdoors and Agent Provocateur among many others made disposals of
£751 million in the nine months to December, up from £398 million for the same period a year ago.

It made investments totalling £530 million, up from £510 million.

Michael Queen, chief executive since January 2009, said: "The operating environment is challenging given the deterioration in the macro-economic outlook and continued market uncertainty."

He added: "Conditions have not improved since... (November)...which has been reflected in a softening in the earnings performance of some of the portfolio over this period."

The bulk of 3i's portfolio is outside the UK, reflecting the global nature of the business.

The company said recently that it intended to more than double its dividend payment to shareholders this year.

Citi said in a note: "We forecast 4% earnings decline for the full year 2012 and 12% in 2013 for 3i's portfolio companies. The declining earnings inevitably should result also in increased provisions for the company."