Private equity group 3i Group said it was starting the year with good momentum and ambitious plans, after unveiling results that showed an encouraging improvement in net asset value (NAV).
With private equity realisations reaping £669m, up 43% over opening value, the group also achieved strong levels of realisations and made further inroads in cutting costs, which enabled a cash profit of £5m for the year.
The FTSE 250 group outperformed its own cost savings target, slimming down operating costs by £70m a year, ahead of targeted savings of £60m.
As a result it has proposed a final dividend 13.3p per share, representing a 20p annual payout.
Chief Executive Simon Borrows: "We have met or exceeded all of our strategic priorities and targets for the year.
"3i is now a more streamlined, decisive organisation focused on high performance and delivering attractive shareholder returns. We have started the new financial year with good momentum in our private equity portfolio and ambitious plans in our three businesses."
The company strong total shareholder return of 30%, compared to 9% from the FTSE All-Share index, although this was down from the 54% the year before.
Borrows pointed to good momentum into the new year, with three new mid-market private equity investments and one substantial further investment, contributing to total cash investment of £372m.
Within Infrastructure, the group completed the purchase of Barclays's Infrastructure Funds Management business, adding over £700m of assets under management, and launched four new collateralised loan obligations funds with aggregate third-party AUM of £1.2bn.
British engineering company Renishaw saw third quarter revenue rise, driven by growth in the Far East, the UK, the Americas and Europe.
Revenue for the three months ended March rose to £84.5m from £81.9m the previous year. Pre-tax profit, however, fell to £14.4m from £15.9m due to currency headwinds.
Revenue in the group's metrology sector rose to £78.8m from £74.7m with a strong performance in additive manufacturing, encoder and measurement automation product lines. Healthcare, on the other hand, dropped to £5.7m from £7.2m
In February, the company sold its 19.4% stake in Delcam to Autodesk Development for a total consideration of £32m.
Renishaw said it maintains a strong balance sheet with net cash balances of £50.8m at the end of the period, compared to £35.1m the prior year, boosted by Delcam disposal proceeds.
"The group faced tough financial comparators for the first half of this financial year and sterling has strengthened in recent months," the firm said.
"With global investment in production systems and processes expected to expand and our continuing investment in our business sectors, we remain confident for the long-term prospects of the group."