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3i sees investment levels increase in 2003

European private equity firm, 3i, saw its total investment value increase to £979m last year, up 9.5 per cent from the previous financial period, the company revealed.

'We have a strong balance sheet and a good momentum on the new investment front,' said 3i chairman Baroness Hogg.

The firm reported net asset value of 553p a share for the year ending March 31, compared with 480p a year earlier. 3i also declared a total dividend of 14 pence a share, up 3.7 per cent.

'Conditions and business confidence have improved steadily since the beginning of the financial year,' 3i commented. 'The improvement in capital markets and mergers and acquisition activity encouraged a rise in investment activity as companies began to return to growth agendas. The new issues market remains quiet across Europe, with only a small number of significantly-sized IPOs being achieved.'

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